Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 62,400 shares, a decline of 7.4% from the September 30th total of 67,400 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average trading volume of 26,300 shares, the days-to-cover ratio is presently 2.4 days.

Electrovaya Stock Down 2.8 %

NASDAQ ELVA traded down $0.06 on Thursday, hitting $2.06. 9,557 shares of the company were exchanged, compared to its average volume of 32,852. 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 market cap of $69.80 million, a PE ratio of -206.00 and a beta of 1.38. The stock has a fifty day moving average of $2.17 and a 200-day moving average of $2.52. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Tuesday, August 13th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.06). Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. The firm had revenue of $10.27 million during the quarter, compared to analyst estimates of $17.84 million. As a group, analysts forecast that Electrovaya will post -0.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ELVA. Alliance Global Partners began coverage on shares of Electrovaya in a report on Thursday, September 26th. They set a “buy” rating and a $5.00 price target on the stock. Craig Hallum cut their target price on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Electrovaya in a research note on Wednesday, August 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price 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.