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

Electrovaya logo with Computer and Technology background

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was the target of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 80,600 shares, a drop of 6.0% from the May 15th total of 85,700 shares. Based on an average daily trading volume, of 25,800 shares, the days-to-cover ratio is presently 3.1 days. Approximately 0.4% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Craig Hallum dropped their price objective on Electrovaya from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Wednesday, May 15th. Roth Mkm reaffirmed a "buy" rating and set a $8.00 price objective on shares of Electrovaya in a research note on Wednesday, May 15th. Roth Capital reaffirmed a "buy" rating on shares of Electrovaya in a research note on Wednesday, March 6th. Finally, HC Wainwright reissued a "buy" rating and issued a $16.00 price target on shares of Electrovaya in a research note on Friday.

Read Our Latest Research Report on ELVA

Electrovaya Trading Down 0.7 %

Shares of ELVA traded down $0.02 during midday trading on Tuesday, hitting $2.73. The stock had a trading volume of 17,728 shares, compared to its average volume of 39,718. The company has a 50 day simple moving average of $3.03 and a two-hundred day simple moving average of $3.43. Electrovaya has a twelve month low of $2.34 and a twelve month high of $5.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.58 and a current ratio of 0.99.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $10.70 million during the quarter, compared to the consensus estimate of $16.42 million. Electrovaya had a negative net margin of 0.44% and a negative return on equity of 2.83%. Analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC purchased a new position in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 820,538 shares of the company's stock, valued at approximately $2,510,000. Electrovaya accounts for approximately 1.4% of Worth Venture Partners LLC's investment portfolio, making the stock its 22nd largest position. Worth Venture Partners LLC owned 2.42% of Electrovaya as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 22.47% of the company's stock.

Electrovaya Company Profile

(Get Free Report)

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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