Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 43.1% in March

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 125,600 shares, a growth of 43.1% from the February 28th total of 87,800 shares. Based on an average daily volume of 83,700 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.5% of the company’s stock are sold short.

Institutional Trading of Electrovaya

Hedge funds have recently added to or reduced their stakes in the stock. Penbrook Management LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth approximately $448,000. AIGH Capital Management LLC increased its stake in Electrovaya by 3.2% in the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock valued at $6,262,000 after buying an additional 77,473 shares during the period. WealthTrust Axiom LLC raised its position in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after buying an additional 108,550 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Electrovaya in the 4th quarter worth $27,000. Finally, Herald Investment Management Ltd lifted its stake in shares of Electrovaya by 372.0% in the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock worth $2,856,000 after acquiring an additional 930,000 shares during the period. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Stock Performance

ELVA stock traded up $0.26 on Tuesday, hitting $2.57. The company’s stock had a trading volume of 20,173 shares, compared to its average volume of 50,604. The stock has a market cap of $102.87 million, a price-to-earnings ratio of -64.50 and a beta of 1.94. The firm has a 50 day moving average of $2.46 and a two-hundred day moving average of $2.39. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. Electrovaya has a 1 year low of $1.67 and a 1 year high of $3.83.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, beating 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%. Equities analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

ELVA has been the topic of several recent analyst reports. Roth Mkm reiterated a “buy” rating and issued a $5.00 price target (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research report on Friday, February 14th. Finally, Raymond James set a $4.50 price objective on Electrovaya and gave the stock a “strong-buy” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.10.

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.