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

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 50,200 shares, an increase of 25.5% from the March 31st total of 40,000 shares. Based on an average daily volume of 37,800 shares, the short-interest ratio is currently 1.3 days. Currently, 0.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several brokerages have commented on ELVA. Craig Hallum decreased their target price on shares of Electrovaya from $14.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 4th. Roth Mkm reiterated a “buy” rating and issued a $8.00 target price on shares of Electrovaya in a research report on Tuesday, March 26th. Finally, Roth Capital restated a “buy” rating on shares of Electrovaya in a report on Wednesday, March 6th.

Electrovaya Stock Up 3.8 %

Shares of Electrovaya stock traded up $0.12 during trading on Tuesday, hitting $3.26. 25,700 shares of the stock traded hands, compared to its average volume of 44,101. The stock has a market cap of $110.45 million and a P/E ratio of 163.08. The company has a fifty day moving average price of $3.66 and a two-hundred day moving average price of $3.35. Electrovaya has a twelve month low of $2.34 and a twelve month high of $5.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.98.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings data on Tuesday, February 13th. The company reported ($0.03) earnings per share for the quarter. The business had revenue of $12.09 million for the quarter, compared to the consensus estimate of $12.63 million. Electrovaya had a net margin of 1.79% and a return on equity of 12.44%. Equities research analysts predict that Electrovaya will post 0.18 EPS for the current fiscal year.

Institutional Trading of Electrovaya

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank acquired a new stake in shares of Electrovaya in the third quarter worth $67,000. Worth Venture Partners LLC bought a new stake in Electrovaya during the fourth quarter valued at about $2,510,000. Finally, AIGH Capital Management LLC acquired a new stake in shares of Electrovaya in the third quarter valued at about $9,582,000. Institutional investors and hedge funds 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.