Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was the target of a significant increase in short interest in 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. Approximately 0.5% of the shares of the company are short sold. Based on an average daily trading volume, of 83,700 shares, the short-interest ratio is currently 1.5 days.

Electrovaya Stock Down 4.2 %

Shares of NASDAQ:ELVA traded down $0.11 during trading on Wednesday, hitting $2.53. 45,599 shares of the company's stock traded hands, compared to its average volume of 50,898. The company has a 50-day moving average price of $2.46 and a 200-day moving average price of $2.40. Electrovaya has a 52 week low of $1.67 and a 52 week high of $3.58. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. The company has a market cap of $101.47 million, a price-to-earnings ratio of -63.25 and a beta of 1.94.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. As a group, research analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

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Analysts Set New Price Targets

Several research firms have commented on ELVA. HC Wainwright reaffirmed a "buy" rating and issued a $10.00 price target on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm restated 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. Finally, Raymond James set a $4.50 target price on shares of Electrovaya and gave the company a "strong-buy" rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $6.10.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ELVA. Penbrook Management LLC acquired a new stake in shares of Electrovaya in the fourth quarter valued at about $448,000. AIGH Capital Management LLC increased its position in shares of Electrovaya by 3.2% during the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company's stock worth $6,262,000 after purchasing an additional 77,473 shares during the last quarter. WealthTrust Axiom LLC raised its stake in shares of Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock worth $418,000 after purchasing an additional 108,550 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Electrovaya in the 4th quarter valued at approximately $27,000. Finally, Herald Investment Management Ltd increased its holdings in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock worth $2,856,000 after buying an additional 930,000 shares during the last quarter. Institutional investors own 22.47% of the company's stock.

Electrovaya Company Profile

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.