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

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 118,100 shares, a growth of 104.3% from the November 15th total of 57,800 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 48,100 shares, the short-interest ratio is presently 2.5 days.

Wall Street Analyst Weigh In

Several research firms have weighed in on ELVA. 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. HC Wainwright lowered their price target on shares of Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Electrovaya has an average rating of “Buy” and an average target price of $7.25.

Electrovaya Price Performance

Shares of ELVA traded down $0.27 during trading hours on Friday, reaching $2.58. 184,572 shares of the company traded hands, compared to its average volume of 40,625. The stock has a fifty day simple moving average of $2.35 and a 200 day simple moving average of $2.38. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $4.58. The stock has a market capitalization of $88.08 million, a PE ratio of -258.00 and a beta of 1.91. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26.

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.