Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Increases By 17.8%

Key Points

• Short interest rose 17.8% in April to 1,178,887 shares (as of April 15), representing 2.4% of the stock and a short-interest ratio of 3.0 days.
• Analysts have a consensus rating of Moderate Buy with a $11.17 average price target, based on 1 Strong Buy, 2 Buy and 2 Hold ratings.
• Shares trade around $9.00 with a $445.6M market cap and P/E of 75.0; the most recent quarter produced $0.02 EPS (above the $0.01 estimate) while revenue of $15.5M missed the $16.7M forecast.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totaling 1,178,887 shares, an increase of 17.8% from the March 31st total of 1,000,863 shares. Currently, 2.4% of the company's stock are short sold. Based on an average daily trading volume, of 395,356 shares, the short-interest ratio is currently 3.0 days.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Raymond James Financial reissued a "strong-buy" rating on shares of Electrovaya in a report on Wednesday, March 18th. Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a research note on Friday, March 27th. Finally, Roth Mkm restated a "buy" rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.17.

Electrovaya Trading Down 0.2%

Shares of NASDAQ:ELVA opened at $9.00 on Thursday. The stock has a market capitalization of $445.56 million, a price-to-earnings ratio of 75.01, a PEG ratio of 1.16 and a beta of 1.41. Electrovaya has a 1-year low of $2.55 and a 1-year high of $11.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.69 and a current ratio of 6.02. The company has a 50 day moving average price of $8.28 and a 200 day moving average price of $7.62.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The firm had revenue of $15.50 million during the quarter, compared to analysts' expectations of $16.71 million. On average, research analysts anticipate that Electrovaya will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ELVA. Polar Asset Management Partners Inc. raised its holdings in Electrovaya by 145.5% in the 4th quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company's stock worth $9,281,000 after acquiring an additional 696,320 shares during the period. Thompson Siegel & Walmsley LLC bought a new position in shares of Electrovaya during the 4th quarter worth about $4,976,000. Caldwell Investment Management Ltd. bought a new position in shares of Electrovaya during the 3rd quarter worth about $2,424,000. Bank of America Corp DE increased its holdings in shares of Electrovaya by 76,081.0% during the 3rd quarter. Bank of America Corp DE now owns 304,724 shares of the company's stock worth $1,795,000 after purchasing an additional 304,324 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Electrovaya during the 3rd quarter worth about $1,677,000. Institutional investors own 22.47% of the company's stock.

About Electrovaya

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.

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