Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 149.1% in March

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 899,120 shares, an increase of 149.1% from the February 26th total of 360,880 shares. Based on an average daily volume of 414,810 shares, the short-interest ratio is currently 2.2 days. Currently, 1.9% of the shares of the company are short sold. Currently, 1.9% of the shares of the company are short sold. Based on an average daily volume of 414,810 shares, the short-interest ratio is currently 2.2 days.

Electrovaya Stock Performance

Shares of NASDAQ ELVA opened at $7.94 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69. The firm has a market cap of $380.99 million, a price-to-earnings ratio of 65.84, a P/E/G ratio of 0.95 and a beta of 1.56. The stock’s fifty day moving average price is $8.78 and its two-hundred day moving average price is $7.21. Electrovaya has a one year low of $2.25 and a one year high of $11.88.

Electrovaya (NASDAQ:ELVA) last posted 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. The company had revenue of $15.50 million during the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. On average, equities analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Institutional Trading of Electrovaya

Several hedge funds and other institutional investors have recently bought and sold shares of ELVA. Solstein Capital LLC bought a new stake in Electrovaya in the 3rd quarter valued at about $29,000. Allworth Financial LP increased its holdings in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,920 shares during the period. Global Retirement Partners LLC bought a new position in shares of Electrovaya during the third quarter worth approximately $46,000. TD Waterhouse Canada Inc. raised its position in shares of Electrovaya by 737.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after buying an additional 8,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Electrovaya in the third quarter valued at approximately $74,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. Oppenheimer began coverage on shares of Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target on the stock. Finally, Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 13th. One 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.17.

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.