Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 229,400 shares, an increase of 61.9% from the September 15th total of 141,700 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 380,100 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily trading volume, of 380,100 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.9% of the shares of the company are sold short.

Electrovaya Price Performance

ELVA stock opened at $6.29 on Friday. The firm has a market cap of $252.29 million, a P/E ratio of 209.74 and a beta of 1.54. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. The company’s 50-day moving average price is $6.15 and its two-hundred day moving average price is $4.34. Electrovaya has a 12 month low of $1.73 and a 12 month high of $7.72.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $17.13 million for the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. On average, analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ELVA shares. Zacks Research cut shares of Electrovaya from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Electrovaya in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research note on Sunday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $6.50.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new stake in Electrovaya during the 3rd quarter worth approximately $46,000. Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 4.4% during the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after acquiring an additional 16,713 shares during the period. WealthTrust Axiom LLC lifted its position in shares of Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after acquiring an additional 21,525 shares during the period. Calamos Advisors LLC acquired a new position in Electrovaya during the third quarter worth $419,000. Finally, Herald Investment Management Ltd raised its holdings in Electrovaya by 7.2% during the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock worth $4,314,000 after buying an additional 85,000 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

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.