Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 61.9% in September

Key Points

• Electrovaya Inc. experienced a significant increase in short interest of 61.9% in September, with 229,400 shares sold short as of September 30th.
• Brokerages have downgraded Electrovaya's stock ratings, with Zacks Research calling it a "strong sell" and the consensus rating now being a "Moderate Buy" with a price target of $6.50.
• The company's recent earnings report showed a miss with a reported EPS of $0.02, falling short of the expected $0.04, alongside revenues of $17.13 million.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was the recipient of a large increase in short interest in 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 stock are sold short. Based on an average daily volume of 380,100 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily volume of 380,100 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELVA. Zacks Research downgraded Electrovaya from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Wall Street Zen downgraded Electrovaya from a "buy" rating to a "hold" rating in a report on Sunday, September 28th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Electrovaya in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Electrovaya presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.50.

Electrovaya Price Performance

Shares of NASDAQ ELVA traded down $0.45 during mid-day trading on Wednesday, hitting $6.00. 642,592 shares of the stock traded hands, compared to its average volume of 529,116. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. Electrovaya has a twelve month low of $1.73 and a twelve month high of $7.72. The company has a market cap of $240.66 million, a PE ratio of 200.07 and a beta of 1.54. The firm has a 50 day simple moving average of $6.11 and a two-hundred day simple moving average of $4.31.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its 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 return on equity of 6.66% and a net margin of 2.19%. Electrovaya has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ELVA. AMH Equity Ltd bought a new position in Electrovaya during the 1st quarter worth $231,000. Mink Brook Asset Management LLC raised its position in shares of Electrovaya by 8.3% in the 1st quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company's stock worth $874,000 after acquiring an additional 28,935 shares in the last quarter. WealthTrust Axiom LLC raised its position in shares of Electrovaya by 133.9% in the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock worth $910,000 after acquiring an additional 225,629 shares in the last quarter. Herald Investment Management Ltd raised its position in shares of Electrovaya by 7.2% in the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock worth $4,314,000 after acquiring an additional 85,000 shares in the last quarter. Finally, Penbrook Management LLC raised its position in shares of Electrovaya by 69.1% in the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock worth $1,050,000 after acquiring an additional 125,896 shares in 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.

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