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

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

Electrovaya Trading Up 0.7%

ELVA stock traded up $0.05 on Friday, hitting $7.40. 320,446 shares of the company were exchanged, compared to its average volume of 550,813. 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 stock has a market capitalization of $354.93 million, a price-to-earnings ratio of 61.67, a price-to-earnings-growth ratio of 0.97 and a beta of 1.56. Electrovaya has a twelve month low of $2.25 and a twelve month high of $11.88. The business’s fifty day moving average is $8.73 and its two-hundred day moving average is $7.21.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $15.50 million for the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. As a group, research analysts forecast that Electrovaya will post 0.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ELVA shares. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. Oppenheimer began coverage on Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price for the company. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Electrovaya has an average rating of “Moderate Buy” and a consensus price target of $11.17.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of Electrovaya by 4,900.0% during the 4th 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. Solstein Capital LLC purchased a new position in Electrovaya in the third quarter valued at approximately $29,000. Global Retirement Partners LLC purchased a new position in Electrovaya in the third quarter valued at approximately $46,000. TD Waterhouse Canada Inc. lifted its position in Electrovaya by 737.3% during 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, Lazard Asset Management LLC lifted its position in Electrovaya by 10.3% during the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after buying an additional 8,090 shares in the last quarter. 22.47% of the stock is currently owned by institutional investors and hedge funds.

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.