Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 43.1% in March

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large increase in short interest during 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 trading volume, of 83,700 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.5% of the shares of the stock are short sold.

Electrovaya Trading Down 2.9 %

NASDAQ ELVA traded down $0.07 during trading hours on Friday, reaching $2.38. The company’s stock had a trading volume of 39,726 shares, compared to its average volume of 50,828. The firm has a fifty day simple moving average of $2.46 and a 200-day simple moving average of $2.39. 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 52 week low of $1.67 and a 52 week high of $3.83. The stock has a market cap of $95.45 million, a P/E ratio of -59.50 and a beta of 1.94.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) 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%. Equities analysts forecast that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented 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 research report on Friday, February 14th. Finally, Roth Mkm restated 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. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Electrovaya presently has a consensus rating of “Buy” and a consensus price target of $6.10.

Institutional Investors Weigh In On Electrovaya

Several institutional investors and hedge funds have recently made changes to their positions in ELVA. XTX Topco Ltd bought a new position in shares of Electrovaya during the 4th quarter worth approximately $27,000. Citadel Advisors LLC bought a new stake in Electrovaya in the fourth quarter valued at $64,000. WealthTrust Axiom LLC boosted its holdings in Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after acquiring an additional 108,550 shares in the last quarter. Manatuck Hill Partners LLC bought a new stake in Electrovaya during the 4th quarter valued at $434,000. Finally, Alyeska Investment Group L.P. bought a new stake in Electrovaya during the fourth quarter worth $435,000. Institutional investors own 22.47% of the company’s stock.

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.