Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Grows By 43.1%

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 125,600 shares, an increase of 43.1% from the February 28th total of 87,800 shares. Based on an average daily volume of 83,700 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.5% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ELVA shares. Raymond James set a $4.50 target price on Electrovaya and gave the stock a “strong-buy” rating in a report on Thursday, January 30th. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a research note on Friday, February 14th. Finally, Roth Mkm reiterated a “buy” rating and issued a $5.00 price objective (up previously from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Electrovaya currently has a consensus rating of “Buy” and an average target price of $6.10.

Institutional Investors Weigh In On Electrovaya

Hedge funds have recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in shares of Electrovaya in the fourth quarter valued at approximately $27,000. Citadel Advisors LLC purchased a new stake in Electrovaya in the 4th quarter worth $64,000. WealthTrust Axiom LLC increased its holdings in Electrovaya by 181.2% in the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after acquiring an additional 108,550 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in Electrovaya during the fourth quarter worth $434,000. Finally, Alyeska Investment Group L.P. purchased a new position in Electrovaya during the fourth quarter valued at $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Stock Performance

NASDAQ:ELVA traded down $0.05 during trading hours on Monday, reaching $2.33. The company had a trading volume of 18,266 shares, compared to its average volume of 50,699. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69. Electrovaya has a 1-year low of $1.67 and a 1-year high of $3.83. The business’s 50 day moving average price is $2.46 and its 200-day moving average price is $2.39. The firm has a market cap of $93.45 million, a PE ratio of -58.25 and a beta of 1.94.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Research analysts forecast that Electrovaya will post 0.1 EPS for the current year.

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.