Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 87,800 shares, a decrease of 21.9% from the February 13th total of 112,400 shares. Currently, 0.3% of the company's stock are sold short. Based on an average daily trading volume, of 93,100 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Trading of Electrovaya

Institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in Electrovaya during the 4th quarter worth about $27,000. Citadel Advisors LLC purchased a new stake in Electrovaya during the 4th quarter worth about $64,000. WealthTrust Axiom LLC increased its stake 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 during the last quarter. Manatuck Hill Partners LLC bought a new position in Electrovaya in the 4th quarter worth about $434,000. Finally, Alyeska Investment Group L.P. bought a new position in Electrovaya in the 4th quarter worth about $435,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

Electrovaya Stock Performance

Shares of NASDAQ ELVA traded down $0.04 during trading on Friday, reaching $2.82. 31,275 shares of the stock traded hands, compared to its average volume of 50,094. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.02. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69. The company has a 50-day moving average of $2.45 and a 200-day moving average of $2.36. The stock has a market capitalization of $112.90 million, a P/E ratio of -70.38 and a beta of 1.94.

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Electrovaya (NASDAQ:ELVA - Get Free Report) last issued 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 return on equity of 15.42% and a negative net margin of 3.88%. Analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

ELVA has been the subject of several recent research reports. HC Wainwright reiterated a "buy" rating and set a $10.00 price target on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm reissued a "buy" rating and issued a $5.00 price objective (up previously from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. Finally, Raymond James set a $4.50 price objective on Electrovaya and gave the stock a "strong-buy" rating in a research report on Thursday, January 30th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Electrovaya currently has a consensus rating of "Buy" and an average target price of $6.10.

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.