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

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 66,600 shares, an increase of 6.1% from the August 31st total of 62,800 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 28,200 shares, the short-interest ratio is currently 2.4 days.

Electrovaya Stock Performance

Shares of NASDAQ ELVA traded down $0.05 during trading on Tuesday, reaching $2.28. 15,175 shares of the stock traded hands, compared to its average volume of 35,166. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.58. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $2.17 and a 200-day moving average of $2.73.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). The firm had revenue of $10.27 million for the quarter, compared to analysts’ expectations of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. Research analysts anticipate that Electrovaya will post -0.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ELVA shares. Alliance Global Partners started coverage on Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Electrovaya in a research report on Wednesday, August 14th. Finally, Craig Hallum cut their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Electrovaya currently has a consensus rating of “Buy” and an average price target of $8.75.

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.