Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 62,800 shares, an increase of 11.3% from the August 15th total of 56,400 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average trading volume of 29,700 shares, the days-to-cover ratio is currently 2.1 days.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the company. Craig Hallum lowered their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Electrovaya in a research report on Wednesday, August 14th.
View Our Latest Report on Electrovaya
Hedge Funds Weigh In On Electrovaya
Electrovaya Stock Performance
Electrovaya stock traded down $0.07 on Wednesday, hitting $2.21. The company’s stock had a trading volume of 2,030 shares, compared to its average volume of 35,761. Electrovaya has a one year low of $1.67 and a one year high of $4.58. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average price of $2.21 and a 200-day moving average price of $2.84.
Electrovaya (NASDAQ:ELVA – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.06). The business had revenue of $10.27 million during the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative return on equity of 8.02% and a negative net margin of 1.34%. Equities analysts predict that Electrovaya will post -0.04 earnings per share 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.
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