Electrovaya Inc. (NASDAQ:ELVA) Sees Large Growth in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 40,000 shares, an increase of 14.0% from the March 15th total of 35,100 shares. Based on an average daily trading volume, of 50,000 shares, the short-interest ratio is currently 0.8 days. Currently, 0.2% of the company’s stock are short sold.

Electrovaya Stock Performance

Shares of NASDAQ:ELVA traded down $0.14 during trading on Tuesday, hitting $2.94. The stock had a trading volume of 22,669 shares, compared to its average volume of 47,428. Electrovaya has a 12-month low of $2.34 and a 12-month high of $5.50. The stock has a market capitalization of $99.61 million and a price-to-earnings ratio of 147.07. The company has a quick ratio of 0.61, a current ratio of 0.98 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $3.84 and a two-hundred day simple moving average of $3.32.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. AIGH Capital Management LLC purchased a new position in Electrovaya during the third quarter valued at approximately $9,582,000. Worth Venture Partners LLC purchased a new position in Electrovaya during the fourth quarter valued at approximately $2,510,000. Finally, Toronto Dominion Bank purchased a new position in Electrovaya during the third quarter valued at approximately $67,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Craig Hallum dropped their price objective on Electrovaya from $14.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 4th. Roth Mkm reissued a “buy” rating and issued a $8.00 price target on shares of Electrovaya in a report on Tuesday, March 26th. Finally, Roth Capital reissued a “buy” rating on shares of Electrovaya in a report on Wednesday, March 6th.

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.