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

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 66,600 shares, a growth of 6.1% from the August 31st total of 62,800 shares. Based on an average daily volume of 28,200 shares, the short-interest ratio is currently 2.4 days. Approximately 0.3% of the company’s stock are sold short.

Analysts Set New Price Targets

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

Electrovaya Stock Performance

NASDAQ:ELVA opened at $2.28 on Wednesday. The firm’s 50-day moving average is $2.17 and its 200-day moving average is $2.72. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. 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 results 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). Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. The firm had revenue of $10.27 million for the quarter, compared to the consensus estimate of $17.84 million. As a group, analysts forecast that Electrovaya will post -0.05 earnings per share for the current year.

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.