Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) saw a large 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 trading volume of 83,700 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.5% of the company’s shares are sold short.

Analysts Set New Price Targets

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

Electrovaya Stock Down 2.1 %

NASDAQ ELVA traded down $0.05 during trading on Monday, reaching $2.33. 18,266 shares of the company’s stock traded hands, compared to its average volume of 50,699. Electrovaya has a 12-month low of $1.67 and a 12-month high of $3.83. 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 firm has a market cap of $93.45 million, a price-to-earnings ratio of -58.25 and a beta of 1.94. The company’s 50 day simple moving average is $2.46 and its two-hundred day simple moving average is $2.39.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share 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, sell-side analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELVA. Penbrook Management LLC purchased a new position in shares of Electrovaya in the 4th quarter worth approximately $448,000. AIGH Capital Management LLC grew its holdings in Electrovaya by 3.2% in the fourth 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 increased its position in shares of Electrovaya by 181.2% during the fourth 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 purchased a new stake in shares of Electrovaya during the 4th quarter valued at $27,000. Finally, Herald Investment Management Ltd boosted its position in shares of Electrovaya by 372.0% in the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock worth $2,856,000 after purchasing an additional 930,000 shares in the last quarter. Hedge funds and other 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.