Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 66,600 shares, an increase of 6.1% from the August 31st total of 62,800 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average trading volume of 28,200 shares, the days-to-cover ratio is currently 2.4 days.

Electrovaya Stock Performance

NASDAQ ELVA opened at $2.28 on Wednesday. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.58. The company has a 50 day moving average of $2.17 and a 200-day moving average of $2.72. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.06). The business had revenue of $10.27 million during the quarter, compared to the consensus estimate of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. As a group, analysts expect that Electrovaya will post -0.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on ELVA. Craig Hallum cut their price target on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price target on shares of Electrovaya in a research note on Wednesday, August 14th. Finally, Alliance Global Partners assumed coverage on Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.75.

Electrovaya Company Profile

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.