Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Drops By 19.3%

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant decrease in short interest during the month of February. As of February 13th, there was short interest totaling 269,870 shares, a decrease of 19.3% from the January 29th total of 334,380 shares. Based on an average trading volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.6% of the shares of the stock are sold short. Currently, 0.6% of the shares of the stock are sold short. Based on an average trading volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days.

Electrovaya Trading Up 8.6%

NASDAQ ELVA traded up $0.63 during trading on Wednesday, hitting $7.97. The stock had a trading volume of 366,772 shares, compared to its average volume of 630,234. Electrovaya has a twelve month low of $2.00 and a twelve month high of $11.88. The firm has a 50 day moving average price of $8.88 and a 200 day moving average price of $6.95. The company has a market capitalization of $382.24 million, a PE ratio of 66.42, a PEG ratio of 0.96 and a beta of 1.56. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Thursday, February 12th. The company reported $0.02 EPS 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 the consensus estimate of $16.71 million. As a group, equities research analysts forecast that Electrovaya will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Electrovaya

Large investors have recently bought and sold shares of the stock. Allworth Financial LP increased its position 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 in the last quarter. Solstein Capital LLC acquired a new position in Electrovaya during the third quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new position in Electrovaya during the third quarter worth approximately $46,000. TD Waterhouse Canada Inc. lifted its stake in 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 during the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in shares of Electrovaya by 10.3% in the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after acquiring an additional 8,090 shares during the period. Institutional investors and hedge funds own 22.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ELVA. Raymond James Financial reiterated a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a research report on Thursday, December 11th. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. Finally, Oppenheimer assumed coverage on shares of Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Electrovaya has an average rating of “Moderate Buy” and an average price target of $11.17.

Electrovaya Company Profile

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.