Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

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

Analyst Ratings Changes

A number of analysts have recently issued reports on ELVA shares. HC Wainwright restated a "buy" rating and issued a $10.00 target price on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm reissued a "buy" rating and set a $5.00 price target (up from $4.00) on shares of Electrovaya in a research 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. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $6.10.

Electrovaya Stock Down 2.7%

Shares of NASDAQ:ELVA traded down $0.09 during trading on Wednesday, reaching $3.25. 36,241 shares of the company traded hands, compared to its average volume of 65,000. The firm has a fifty day simple moving average of $2.72 and a 200 day simple moving average of $2.56. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. Electrovaya has a 1-year low of $1.67 and a 1-year high of $3.47. The firm has a market cap of $130.35 million, a P/E ratio of -81.25 and a beta of 1.22.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. The firm had revenue of $15.02 million for the quarter, compared to analyst estimates of $15.95 million. Analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several large investors have recently made changes to their positions in ELVA. XTX Topco Ltd acquired a new position in shares of Electrovaya during the 4th quarter worth $27,000. Citadel Advisors LLC acquired 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 during the 1st quarter worth about $231,000. WealthTrust Axiom LLC increased its holdings in shares of Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after acquiring an additional 108,550 shares during the last quarter. Finally, Manatuck Hill Partners LLC bought a new position in shares of Electrovaya in the 4th quarter valued at approximately $434,000. 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.