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

Electrovaya Inc. (NASDAQ:ELVA) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 125,600 shares, an increase of 43.1% from the February 28th total of 87,800 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 83,700 shares, the short-interest ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ELVA. Raymond James set a $4.50 target price on Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 14th. Finally, Roth Mkm reiterated a “buy” rating and issued a $5.00 target price (up previously from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.10.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Polar Asset Management Partners Inc. bought a new stake in Electrovaya during the fourth quarter valued at $5,372,000. Mink Brook Asset Management LLC bought a new stake in shares of Electrovaya during the 4th quarter valued at about $867,000. Citadel Advisors LLC purchased a new position in shares of Electrovaya during the fourth quarter worth about $64,000. Alyeska Investment Group L.P. bought a new position in shares of Electrovaya in the fourth quarter worth approximately $435,000. Finally, Manatuck Hill Partners LLC purchased a new stake in Electrovaya in the fourth quarter valued at approximately $434,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

Electrovaya Price Performance

ELVA traded down $0.07 during trading on Friday, reaching $2.38. 39,726 shares of the company were exchanged, compared to its average volume of 50,828. Electrovaya has a 12-month low of $1.67 and a 12-month high of $3.83. The company’s 50-day moving average is $2.46 and its two-hundred day moving average is $2.39. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. The company has a market cap of $95.45 million, a price-to-earnings ratio of -59.50 and a beta of 1.94.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Research analysts forecast that Electrovaya will post 0.1 earnings per share for the current fiscal 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.