Raymond James Initiates Coverage on Electrovaya (NASDAQ:ELVA)

Stock analysts at Raymond James began coverage on shares of Electrovaya (NASDAQ:ELVA) in a report issued on Thursday,Briefing.com Automated Import reports. The firm set a “strong-buy” rating and a $4.50 price target on the stock. Raymond James’ target price indicates a potential upside of 78.57% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Alliance Global Partners began coverage on shares of Electrovaya in a research note on Thursday, September 26th. They set a “buy” rating and a $5.00 price target for the company. HC Wainwright reduced their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $6.70.

Electrovaya Trading Up 0.8 %

ELVA stock opened at $2.52 on Thursday. The company has a market capitalization of $101.03 million, a PE ratio of -84.00 and a beta of 1.84. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.03 and a quick ratio of 0.69. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.35. The firm’s 50-day moving average is $2.49 and its 200 day moving average is $2.31.

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.