Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 23.5% in December

Electrovaya Inc. (NASDAQ:ELVA) saw a significant growth in short interest in December. As of December 15th, there was short interest totaling 332,039 shares, a growth of 23.5% from the November 30th total of 268,926 shares. Based on an average trading volume of 859,910 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.7% of the company’s stock are sold short. Currently, 0.7% of the company’s stock are sold short. Based on an average trading volume of 859,910 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday. Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. Raymond James Financial restated a “strong-buy” rating and set a $9.50 target price on shares of Electrovaya in a research note on Thursday, December 11th. Oppenheimer started coverage on Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price on the stock. Finally, Roth Capital set a $7.00 price target on Electrovaya in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.10.

Electrovaya Price Performance

Shares of ELVA stock opened at $7.90 on Friday. The firm has a fifty day moving average of $5.90 and a two-hundred day moving average of $5.41. The firm has a market cap of $375.33 million, a P/E ratio of 87.79 and a beta of 1.34. Electrovaya has a 1-year low of $1.80 and a 1-year high of $7.99. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.16 and a quick ratio of 2.93.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Wednesday, December 10th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $20.51 million for the quarter, compared to analysts’ expectations of $20.26 million. Electrovaya had a net margin of 5.27% and a return on equity of 14.21%. As a group, research analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently made changes to their positions in the company. Herald Investment Management Ltd raised its position in shares of Electrovaya by 7.2% during the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock valued at $4,314,000 after acquiring an additional 85,000 shares in the last quarter. Penbrook Management LLC raised its holdings in shares of Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares during the period. AMH Equity Ltd raised its holdings in shares of Electrovaya by 100.0% during the second quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after purchasing an additional 100,000 shares during the period. WealthTrust Axiom LLC raised 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. Finally, Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 4.4% in the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after buying an additional 16,713 shares during the last quarter. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Company Profile

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.