Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant decrease in short interest during the month of 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 shares of the company are sold short. Based on an average daily volume of 93,100 shares, the days-to-cover ratio is presently 0.9 days.

Electrovaya Price Performance

NASDAQ:ELVA traded up $0.05 during trading hours on Monday, hitting $2.55. The stock had a trading volume of 12,480 shares, compared to its average volume of 75,070. The company has a 50 day simple moving average of $2.44 and a two-hundred day simple moving average of $2.35. The firm has a market capitalization of $102.27 million, a price-to-earnings ratio of -63.78 and a beta of 1.94. 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 one year low of $1.67 and a one year high of $4.02.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data 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 return on equity of 15.42% and a negative net margin of 3.88%. Research analysts forecast that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Penbrook Management LLC bought a new stake in Electrovaya during the fourth quarter valued at approximately $448,000. Citadel Advisors LLC bought a new stake in shares of Electrovaya during the 4th quarter worth $64,000. Polar Asset Management Partners Inc. purchased a new position in Electrovaya in the fourth quarter worth $5,372,000. Mink Brook Asset Management LLC bought a new position in Electrovaya in the fourth quarter valued at $867,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Electrovaya during the fourth quarter valued at about $435,000. 22.47% of the stock is currently owned by institutional investors.

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.