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

Electrovaya Inc. (NASDAQ:ELVA) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 118,100 shares, an increase of 104.3% from the November 15th total of 57,800 shares. Based on an average daily volume of 48,100 shares, the days-to-cover ratio is currently 2.5 days. Approximately 0.5% of the company’s stock are sold short.

Electrovaya Stock Up 12.6 %

Shares of NASDAQ:ELVA traded up $0.32 on Thursday, hitting $2.85. 197,207 shares of the company’s stock were exchanged, compared to its average volume of 40,018. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.58. The company has a market capitalization of $97.30 million, a PE ratio of -285.00 and a beta of 1.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. The firm’s 50-day moving average is $2.35 and its 200 day moving average is $2.38.

Analyst Ratings Changes

ELVA has been the subject of several recent research reports. Alliance Global Partners assumed coverage on Electrovaya in a research note on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective for the company. Craig Hallum reduced their target price on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Electrovaya in a report on Wednesday, August 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.75.

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.