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

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 64,200 shares, a drop of 44.2% from the April 30th total of 115,000 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily volume of 53,600 shares, the days-to-cover ratio is presently 1.2 days.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ELVA shares. Roth Mkm reissued 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. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 14th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.10.

Electrovaya Trading Down 3.8%

Shares of ELVA opened at $3.08 on Monday. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $3.44. The business has a 50-day moving average of $2.69 and a 200 day moving average of $2.55. The firm has a market cap of $123.53 million, a P/E ratio of -77.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. The business had revenue of $15.02 million for the quarter, compared to the consensus estimate of $15.95 million. As a group, research analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd bought a new stake in Electrovaya during the 4th quarter valued at $27,000. Citadel Advisors LLC purchased a new position in shares of Electrovaya in the fourth quarter valued at $64,000. AMH Equity Ltd bought a new stake in shares of Electrovaya during the 1st quarter valued at $231,000. WealthTrust Axiom LLC raised its stake in shares of Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after purchasing an additional 108,550 shares during the period. Finally, Manatuck Hill Partners LLC purchased a new stake in Electrovaya during the 4th quarter worth about $434,000. 22.47% of the stock is owned by institutional investors.

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.