Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 57,800 shares, a drop of 12.4% from the October 31st total of 66,000 shares. Based on an average trading volume of 39,000 shares, the short-interest ratio is presently 1.5 days. Currently, 0.3% of the company’s stock are sold short.

Electrovaya Stock Performance

ELVA traded up $0.04 on Friday, hitting $2.64. 26,901 shares of the company’s stock were exchanged, compared to its average volume of 86,789. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average of $2.27 and a two-hundred day moving average of $2.39. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.58. The firm has a market cap of $90.13 million, a PE ratio of -264.00 and a beta of 1.44.

Wall Street Analyst Weigh In

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