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

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) saw a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 64,200 shares, a decline of 44.2% from the April 30th total of 115,000 shares. Based on an average trading volume of 53,600 shares, the short-interest ratio is currently 1.2 days. Approximately 0.2% of the company's shares are short sold.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors have recently bought and sold shares of ELVA. XTX Topco Ltd bought a new stake in Electrovaya during the fourth quarter valued at about $27,000. Citadel Advisors LLC bought a new stake in shares of Electrovaya in the fourth quarter worth about $64,000. AMH Equity Ltd bought a new stake in shares of Electrovaya in the first quarter worth about $231,000. WealthTrust Axiom LLC increased its holdings in shares of Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock worth $418,000 after purchasing an additional 108,550 shares during the last quarter. Finally, Manatuck Hill Partners LLC bought a new stake in shares of Electrovaya in the fourth quarter worth about $434,000. 22.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $10.00 target price on shares of Electrovaya in a research note on Friday, February 14th. Roth Mkm reiterated a "buy" rating and set a $5.00 target price (up previously from $4.00) on shares of Electrovaya in a report on Friday, February 14th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Electrovaya presently has an average rating of "Buy" and a consensus price target of $6.10.

Electrovaya Stock Performance

Shares of Electrovaya stock remained flat at $3.06 during midday trading on Monday. The company had a trading volume of 42,096 shares, compared to its average volume of 54,688. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. The firm has a market cap of $122.73 million, a PE ratio of -76.50 and a beta of 1.22. The firm has a 50-day moving average price of $2.69 and a 200 day moving average price of $2.55. Electrovaya has a 52 week low of $1.67 and a 52 week high of $3.44.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The business had revenue of $15.02 million for the quarter, compared to analysts' expectations of $15.95 million. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Equities research analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Electrovaya Company Profile

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.