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

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 40,000 shares, an increase of 14.0% from the March 15th total of 35,100 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily volume of 50,000 shares, the short-interest ratio is presently 0.8 days.

Analyst Ratings Changes

A number of brokerages have commented on ELVA. Roth Capital reiterated a "buy" rating on shares of Electrovaya in a research report on Wednesday, March 6th. Craig Hallum reduced their price target on shares of Electrovaya from $14.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, January 4th. Finally, Roth Mkm reissued a "buy" rating and set a $8.00 price objective on shares of Electrovaya in a research note on Tuesday, March 26th.

Electrovaya Trading Down 4.5 %

Shares of NASDAQ:ELVA traded down $0.14 during trading on Tuesday, reaching $2.94. 22,669 shares of the company traded hands, compared to its average volume of 47,428. The firm has a market capitalization of $99.61 million and a price-to-earnings ratio of 147.07. Electrovaya has a 52-week low of $2.34 and a 52-week high of $5.50. The company has a current ratio of 0.98, a quick ratio of 0.61 and a debt-to-equity ratio of 0.30. The business's fifty day moving average is $3.84 and its 200-day moving average is $3.32.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings results on Tuesday, February 13th. The company reported ($0.03) EPS for the quarter. Electrovaya had a return on equity of 12.44% and a net margin of 1.79%. The business had revenue of $12.09 million during the quarter, compared to analysts' expectations of $12.63 million. As a group, analysts forecast that Electrovaya will post 0.18 EPS for the current year.

Institutional Trading of Electrovaya

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. AIGH Capital Management LLC purchased a new position in Electrovaya during the third quarter valued at $9,582,000. Worth Venture Partners LLC bought a new position in shares of Electrovaya during the fourth quarter valued at $2,510,000. Finally, Toronto Dominion Bank bought a new position in shares of Electrovaya during the third quarter valued at $67,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

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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