Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 23.5% in December

Electrovaya Inc. (NASDAQ:ELVA) saw a large growth in short interest in December. As of December 15th, there was short interest totaling 332,039 shares, a growth of 23.5% from the November 30th total of 268,926 shares. Based on an average daily volume of 859,910 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.7% of the shares of the company are sold short. Currently, 0.7% of the shares of the company are sold short. Based on an average daily volume of 859,910 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On Electrovaya

Several large investors have recently bought and sold shares of the business. Solstein Capital LLC acquired a new stake in Electrovaya during the 3rd quarter worth $29,000. Global Retirement Partners LLC bought a new position in shares of Electrovaya in the 3rd quarter worth $46,000. Dimensional Fund Advisors LP bought a new position in shares of Electrovaya in the 3rd quarter worth $74,000. Millennium Management LLC acquired a new stake in shares of Electrovaya during the third quarter worth $95,000. Finally, Virtu Financial LLC bought a new stake in Electrovaya in the third quarter valued at about $96,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Price Performance

Shares of ELVA traded up $0.11 during mid-day trading on Wednesday, hitting $7.85. 172,508 shares of the company traded hands, compared to its average volume of 279,517. The company has a current ratio of 4.16, a quick ratio of 2.93 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $372.75 million, a price-to-earnings ratio of 87.23 and a beta of 1.67. The business has a 50-day moving average of $5.83 and a 200 day moving average of $5.37. Electrovaya has a one year low of $1.80 and a one year high of $7.99.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $20.51 million during the quarter, compared to analysts’ expectations of $20.26 million. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%. As a group, equities analysts expect that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ELVA shares. Roth Capital set a $7.00 target price on shares of Electrovaya in a research report on Thursday, December 11th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Wall Street Zen cut Electrovaya from a “buy” rating to a “hold” rating in a report on Sunday, September 28th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $9.50 target price on shares of Electrovaya in a research report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.10.

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.