Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the recipient 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. Currently, 0.3% of the company’s stock are short sold. Based on an average trading volume of 93,100 shares, the days-to-cover ratio is currently 0.9 days.

Analysts Set New Price Targets

ELVA has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm restated a “buy” rating and issued a $5.00 target price (up previously from $4.00) on shares of Electrovaya in a report on Friday, February 14th. Finally, Raymond James set a $4.50 price target on Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. 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 company has an average rating of “Buy” and an average price target of $6.10.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds have recently made changes to their positions in the business. Polar Asset Management Partners Inc. purchased a new stake in Electrovaya during the fourth quarter worth about $5,372,000. Herald Investment Management Ltd grew its position in shares of Electrovaya by 372.0% during the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after acquiring an additional 930,000 shares during the period. Mink Brook Asset Management LLC purchased a new stake in shares of Electrovaya during the 4th quarter worth approximately $867,000. Penbrook Management LLC bought a new stake in shares of Electrovaya in the 4th quarter worth approximately $448,000. Finally, Alyeska Investment Group L.P. purchased a new position in Electrovaya in the fourth quarter valued at approximately $435,000. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Stock Up 2.0 %

ELVA stock traded up $0.05 during trading on Monday, reaching $2.55. The stock had a trading volume of 12,480 shares, compared to its average volume of 75,070. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $102.27 million, a price-to-earnings ratio of -63.78 and a beta of 1.94. Electrovaya has a one year low of $1.67 and a one year high of $4.02. The company’s 50 day moving average is $2.44 and its two-hundred day moving average is $2.35.

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

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.