Electrovaya Inc. (NASDAQ:ELVA) Short Interest Down 21.9% in February

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 87,800 shares, a decline of 21.9% from the February 13th total of 112,400 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 93,100 shares, the days-to-cover ratio is currently 0.9 days.

Electrovaya Stock Performance

Electrovaya stock traded up $0.05 on Wednesday, hitting $2.66. The company’s stock had a trading volume of 37,652 shares, compared to its average volume of 49,067. The firm has a market cap of $106.68 million, a P/E ratio of -66.88 and a beta of 1.94. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $2.44 and a 200-day moving average price of $2.36. Electrovaya has a one year low of $1.67 and a one year high of $4.02.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. On average, equities analysts anticipate that Electrovaya will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ELVA has been the subject of a number of analyst reports. Roth Mkm restated a “buy” rating and issued a $5.00 price objective (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Raymond James set a $4.50 target price on shares of Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research note on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $6.10.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently bought and sold shares of the business. Penbrook Management LLC bought a new stake in shares of Electrovaya in the 4th quarter worth about $448,000. Citadel Advisors LLC bought a new stake in shares of Electrovaya in the 4th quarter worth about $64,000. Polar Asset Management Partners Inc. bought a new stake in shares of Electrovaya in the 4th quarter worth about $5,372,000. Mink Brook Asset Management LLC bought a new stake in shares of Electrovaya in the 4th quarter worth about $867,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Electrovaya in the 4th quarter worth about $435,000. Institutional investors own 22.47% of the company’s stock.

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.