Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 25.5% in April

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 50,200 shares, a growth of 25.5% from the March 31st total of 40,000 shares. Based on an average daily volume of 37,800 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.2% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ELVA. AIGH Capital Management LLC purchased a new stake in Electrovaya in the 3rd quarter valued at about $9,582,000. Worth Venture Partners LLC purchased a new stake in Electrovaya in the 4th quarter valued at about $2,510,000. Finally, Toronto Dominion Bank purchased a new stake in Electrovaya in the 3rd quarter valued at about $67,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Analyst Upgrades and Downgrades

ELVA has been the topic of a number of research analyst reports. Craig Hallum dropped their price target on shares of Electrovaya from $14.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 4th. Roth Capital reissued a “buy” rating on shares of Electrovaya in a research note on Wednesday, March 6th. Finally, Roth Mkm reissued a “buy” rating and issued a $8.00 price target on shares of Electrovaya in a research note on Tuesday, March 26th.

Electrovaya Price Performance

ELVA stock traded up $0.12 during midday trading on Tuesday, reaching $3.26. The stock had a trading volume of 25,700 shares, compared to its average volume of 44,101. The company’s fifty day simple moving average is $3.66 and its 200 day simple moving average is $3.35. The company has a current ratio of 0.98, a quick ratio of 0.61 and a debt-to-equity ratio of 0.30. The company has a market cap of $110.45 million and a price-to-earnings ratio of 163.08. Electrovaya has a 52-week low of $2.34 and a 52-week high of $5.50.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Tuesday, February 13th. The company reported ($0.03) earnings per share for the quarter. Electrovaya had a net margin of 1.79% and a return on equity of 12.44%. The firm had revenue of $12.09 million during the quarter, compared to analysts’ expectations of $12.63 million. As a group, sell-side analysts predict that Electrovaya will post 0.18 earnings per share for the current fiscal year.

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.