Electrovaya Inc. (NASDAQ:ELVA) Sees Large Growth in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 66,600 shares, a growth of 6.1% from the August 31st total of 62,800 shares. Based on an average daily trading volume, of 28,200 shares, the short-interest ratio is currently 2.4 days. Currently, 0.3% of the company’s stock are sold short.

Electrovaya Trading Down 3.4 %

ELVA stock traded down $0.08 during trading hours on Tuesday, reaching $2.25. The stock had a trading volume of 14,598 shares, compared to its average volume of 35,163. The stock has a 50-day simple moving average of $2.17 and a 200 day simple moving average of $2.73. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $4.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99.

Electrovaya (NASDAQ:ELVA) last issued its 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 firm had revenue of $10.27 million during the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. Equities research analysts anticipate that Electrovaya will post -0.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ELVA shares. Craig Hallum reduced their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price target on shares of Electrovaya in a research note on Wednesday, August 14th. Finally, Alliance Global Partners assumed coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $8.75.

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.