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

Electrovaya Inc. (NASDAQ:ELVA) saw a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 360,880 shares, a growth of 33.7% from the February 12th total of 269,870 shares. Approximately 0.8% of the company’s stock are short sold. Based on an average daily trading volume, of 367,591 shares, the short-interest ratio is currently 1.0 days. Based on an average daily trading volume, of 367,591 shares, the short-interest ratio is currently 1.0 days. Approximately 0.8% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Polar Asset Management Partners Inc. grew its position in Electrovaya by 145.5% during the fourth quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock worth $9,281,000 after buying an additional 696,320 shares in the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in Electrovaya in the 4th quarter valued at approximately $4,976,000. WealthTrust Axiom LLC raised its holdings in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock valued at $3,996,000 after acquiring an additional 94,950 shares in the last quarter. Caldwell Investment Management Ltd. acquired a new position in shares of Electrovaya in the third quarter valued at $2,424,000. Finally, Mink Brook Asset Management LLC boosted its stake in Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after buying an additional 16,713 shares in the last quarter. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Performance

NASDAQ:ELVA opened at $8.25 on Tuesday. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $8.91 and its 200 day simple moving average is $7.14. The firm has a market capitalization of $395.67 million, a PE ratio of 68.76, a PEG ratio of 0.99 and a beta of 1.57. Electrovaya has a 1 year low of $2.25 and a 1 year high of $11.88.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%.The business had revenue of $15.50 million during the quarter, compared to analysts’ expectations of $16.71 million. On average, sell-side analysts anticipate that Electrovaya will post 0.1 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ELVA. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Electrovaya in a report on Friday, February 13th. Oppenheimer began coverage on Electrovaya in a report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price objective for the company. Raymond James Financial restated a “strong-buy” rating and issued a $9.50 target price on shares of Electrovaya in a research note on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Electrovaya currently has a consensus rating of “Moderate Buy” and an average price target of $11.17.

Electrovaya Company Profile

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company’s core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya’s product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.