Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 62,400 shares, a drop of 7.4% from the September 30th total of 67,400 shares. Based on an average daily volume of 26,300 shares, the short-interest ratio is currently 2.4 days. Approximately 0.3% of the shares of the stock are sold short.

Electrovaya Price Performance

Shares of NASDAQ:ELVA traded down $0.06 on Thursday, reaching $2.06. The company’s stock had a trading volume of 9,257 shares, compared to its average volume of 32,852. The company has a 50-day simple moving average of $2.17 and a 200 day simple moving average of $2.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. The company has a market cap of $69.80 million, a P/E ratio of -206.00 and a beta of 1.38. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.58.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on ELVA shares. Alliance Global Partners began coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a “buy” rating and a $5.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Electrovaya in a research report on Wednesday, August 14th. Finally, Craig Hallum lowered their price target on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $8.75.

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.