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

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 125,600 shares, an increase of 43.1% from the February 28th total of 87,800 shares. Based on an average daily trading volume, of 83,700 shares, the short-interest ratio is currently 1.5 days. Approximately 0.5% of the shares of the company are sold short.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently made changes to their positions in the business. Polar Asset Management Partners Inc. acquired a new stake in Electrovaya in the fourth quarter valued at $5,372,000. Mink Brook Asset Management LLC acquired a new stake in shares of Electrovaya in the 4th quarter valued at about $867,000. Citadel Advisors LLC bought a new position in shares of Electrovaya during the fourth quarter worth about $64,000. Alyeska Investment Group L.P. bought a new position in shares of Electrovaya during the fourth quarter worth about $435,000. Finally, Manatuck Hill Partners LLC acquired a new position in Electrovaya in the fourth quarter worth about $434,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

Electrovaya Stock Up 11.0 %

Electrovaya stock traded up $0.26 during midday trading on Tuesday, hitting $2.57. 20,173 shares of the company were exchanged, compared to its average volume of 50,604. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $3.83. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69. The company has a market cap of $102.87 million, a PE ratio of -64.50 and a beta of 1.94. The company’s fifty day moving average price is $2.46 and its 200-day moving average price is $2.39.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. On average, research analysts predict that Electrovaya will post 0.1 EPS for the current fiscal 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.