Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large drop in short interest in February. As of February 13th, there was short interest totaling 269,870 shares, a drop of 19.3% from the January 29th total of 334,380 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average trading volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days. Based on an average trading volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.6% of the company’s stock are short sold.

Institutional Investors Weigh In On Electrovaya

A number of large investors have recently made changes to their positions in the stock. Caldwell Investment Management Ltd. purchased a new position in Electrovaya in the 3rd quarter worth $2,424,000. Hillsdale Investment Management Inc. acquired a new position in shares of Electrovaya in the third quarter valued at about $1,677,000. Calamos Advisors LLC purchased a new position in shares of Electrovaya in the third quarter worth about $419,000. Cibc World Market Inc. acquired a new stake in shares of Electrovaya during the third quarter worth about $449,000. Finally, WealthTrust Axiom LLC lifted its holdings in shares of Electrovaya by 5.5% during the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock worth $1,417,000 after purchasing an additional 21,525 shares during the period. 22.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Oppenheimer initiated coverage on Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price on the stock. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Electrovaya in a research report on Friday, February 13th. Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $9.50 price objective on shares of Electrovaya in a research report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Electrovaya currently has an average rating of “Moderate Buy” and an average target price of $11.17.

Electrovaya Stock Down 2.5%

Shares of ELVA stock traded down $0.20 during trading hours on Thursday, reaching $7.95. 44,038 shares of the company’s stock were exchanged, compared to its average volume of 622,870. Electrovaya has a 1 year low of $2.02 and a 1 year high of $11.88. The stock has a market cap of $381.31 million, a PE ratio of 66.26, a PEG ratio of 0.91 and a beta of 1.56. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average price is $8.88 and its two-hundred day moving average price is $6.96.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. Research analysts predict that Electrovaya will post 0.1 EPS for the current year.

About Electrovaya

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company’s core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya’s product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.