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

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 360,880 shares, a growth of 33.7% from the February 12th total of 269,870 shares. Based on an average daily volume of 367,591 shares, the short-interest ratio is currently 1.0 days. Approximately 0.8% of the company’s shares are short sold. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 367,591 shares, the short-interest ratio is currently 1.0 days.

Analyst Ratings Changes

A number of brokerages have commented on ELVA. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Oppenheimer assumed coverage on Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price for the company. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Electrovaya in a research note on Friday, February 13th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $9.50 price objective on shares of Electrovaya in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Electrovaya presently has an average rating of “Moderate Buy” and an average target price of $11.17.

Institutional Investors Weigh In On Electrovaya

Several institutional investors have recently added to or reduced their stakes in ELVA. WealthTrust Axiom LLC increased its holdings in Electrovaya by 5.5% during the 2nd 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 in the last quarter. Mink Brook Asset Management LLC lifted its holdings in shares of Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after purchasing an additional 16,713 shares in the last quarter. Calamos Advisors LLC acquired a new position in shares of Electrovaya during the third quarter worth about $419,000. Global Retirement Partners LLC acquired a new position in shares of Electrovaya during the third quarter worth about $46,000. Finally, Caldwell Investment Management Ltd. bought a new position in shares of Electrovaya during the third quarter worth about $2,424,000. 22.47% of the stock is owned by institutional investors.

Electrovaya Trading Up 3.4%

ELVA stock traded up $0.27 during midday trading on Monday, reaching $8.25. The company’s stock had a trading volume of 190,893 shares, compared to its average volume of 600,508. Electrovaya has a 52 week low of $2.25 and a 52 week high of $11.88. The stock has a market cap of $395.67 million, a PE ratio of 68.76, a price-to-earnings-growth ratio of 0.99 and a beta of 1.57. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $8.91 and its 200-day simple moving average is $7.13.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, sell-side analysts expect that Electrovaya will post 0.1 EPS for the current year.

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.