Electrovaya Inc. (NASDAQ:ELVA) Sees Significant Growth in Short Interest

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) saw 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. Based on an average daily volume of 83,700 shares, the short-interest ratio is presently 1.5 days. Currently, 0.5% of the shares of the company are short sold.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds and other institutional investors have recently bought and sold shares of ELVA. XTX Topco Ltd acquired a new stake in shares of Electrovaya during the fourth quarter valued at about $27,000. Citadel Advisors LLC acquired a new stake in Electrovaya during the 4th quarter worth approximately $64,000. WealthTrust Axiom LLC boosted its position in 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 buying an additional 108,550 shares during the period. Manatuck Hill Partners LLC bought a new stake in Electrovaya during the 4th quarter worth approximately $434,000. Finally, Alyeska Investment Group L.P. acquired a new position in Electrovaya in the 4th quarter valued at approximately $435,000. Institutional investors own 22.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ELVA. Raymond James set a $4.50 price target on Electrovaya and gave the company a "strong-buy" rating in a research note on Thursday, January 30th. Roth Mkm reissued a "buy" rating and issued a $5.00 target price (up previously from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. Finally, HC Wainwright restated a "buy" rating and issued a $10.00 price target 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Electrovaya currently has an average rating of "Buy" and an average price target of $6.10.

Electrovaya Price Performance

Electrovaya stock traded up $0.03 during midday trading on Thursday, reaching $2.56. The company's stock had a trading volume of 44,803 shares, compared to its average volume of 74,338. The stock has a market cap of $102.67 million, a PE ratio of -64.00 and a beta of 1.32. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. Electrovaya has a 52 week low of $1.67 and a 52 week high of $3.58. The business has a 50-day moving average price of $2.46 and a 200-day moving average price of $2.40.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings data 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 net margin of 3.88% and a negative return on equity of 15.42%. On average, sell-side analysts predict 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.