Penbrook Management LLC Takes Position in Electrovaya Inc. (NASDAQ:ELVA)

Penbrook Management LLC acquired a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 183,215 shares of the company's stock, valued at approximately $448,000. Penbrook Management LLC owned 0.46% of Electrovaya as of its most recent filing with the Securities and Exchange Commission (SEC).

Wall Street Analysts Forecast Growth

ELVA has been the topic of several research reports. Raymond James set a $4.50 price objective on Electrovaya and gave the stock a "strong-buy" rating in a report on Thursday. HC Wainwright cut their price target on Electrovaya from $16.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $6.70.

Electrovaya Stock Performance

Shares of NASDAQ ELVA traded down $0.10 during mid-day trading on Monday, hitting $2.40. 81,888 shares of the company were exchanged, compared to its average volume of 96,248. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22. The firm has a market cap of $96.22 million, a price-to-earnings ratio of -80.00 and a beta of 1.85. The stock has a 50 day simple moving average of $2.53 and a 200-day simple moving average of $2.32. Electrovaya Inc. has a 1-year low of $1.67 and a 1-year high of $4.35.

About Electrovaya

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.