Electrovaya Inc. (NASDAQ:ELVA) Short Interest Down 21.9% in February

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 87,800 shares, a drop of 21.9% from the February 13th total of 112,400 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average trading volume of 93,100 shares, the short-interest ratio is presently 0.9 days.

Electrovaya Price Performance

Shares of ELVA stock traded up $0.05 during midday trading on Wednesday, reaching $2.66. 37,652 shares of the company were exchanged, compared to its average volume of 49,067. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.02. The company has a market cap of $106.68 million, a P/E ratio of -66.88 and a beta of 1.94. The company’s 50 day moving average price is $2.44 and its two-hundred day moving average price is $2.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. On average, sell-side analysts expect that Electrovaya will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Penbrook Management LLC purchased a new position in Electrovaya during the fourth quarter valued at approximately $448,000. Citadel Advisors LLC acquired a new stake in Electrovaya in the fourth quarter valued at approximately $64,000. Polar Asset Management Partners Inc. acquired a new stake in Electrovaya in the fourth quarter valued at approximately $5,372,000. Mink Brook Asset Management LLC acquired a new stake in Electrovaya in the fourth quarter valued at approximately $867,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Electrovaya in the fourth quarter valued at approximately $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELVA has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm reissued a “buy” rating and set a $5.00 price objective (up from $4.00) on shares of Electrovaya in a report on Friday, February 14th. Finally, Raymond James set a $4.50 price objective on shares of Electrovaya and gave the stock a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $6.10.

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.