Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 66,000 shares, a growth of 5.8% from the October 15th total of 62,400 shares. Based on an average trading volume of 18,800 shares, the short-interest ratio is presently 3.5 days. Approximately 0.3% of the company’s shares are short sold.

Electrovaya Stock Down 1.3 %

Shares of ELVA traded down $0.03 during mid-day trading on Tuesday, hitting $2.35. 19,343 shares of the company’s stock were exchanged, compared to its average volume of 33,685. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.58. The firm has a fifty day moving average of $2.21 and a two-hundred day moving average of $2.43. The stock has a market cap of $80.23 million, a price-to-earnings ratio of -235.00 and a beta of 1.44.

Wall Street Analyst Weigh In

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