Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Decreases By 21.9%

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ELVA. Polar Asset Management Partners Inc. purchased a new position in shares of Electrovaya during the fourth quarter valued at approximately $5,372,000. Herald Investment Management Ltd increased its holdings in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after buying an additional 930,000 shares during the last quarter. Mink Brook Asset Management LLC purchased a new stake in Electrovaya during the fourth quarter valued at approximately $867,000. Penbrook Management LLC purchased a new stake in Electrovaya during the fourth quarter valued at approximately $448,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Electrovaya during the fourth quarter valued at approximately $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Stock Performance

Shares of ELVA traded down $0.03 during mid-day trading on Tuesday, hitting $2.61. 29,433 shares of the company traded hands, compared to its average volume of 49,081. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55. The stock has a 50-day moving average price of $2.44 and a two-hundred day moving average price of $2.36. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.02. The stock has a market cap of $104.68 million, a price-to-earnings ratio of -65.25 and a beta of 1.94.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.01) earnings per share for the quarter, beating 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%. Equities analysts anticipate that Electrovaya will post 0.1 earnings per share for the current year.

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.