Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 149.1% in March

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 899,120 shares, a growth of 149.1% from the February 26th total of 360,880 shares. Based on an average daily volume of 414,810 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.9% of the company’s stock are short sold. Approximately 1.9% of the company’s stock are short sold. Based on an average daily volume of 414,810 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Electrovaya

A number of hedge funds and other institutional investors have recently bought and sold shares of ELVA. Allworth Financial LP raised its stake in Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after buying an additional 3,920 shares during the period. Solstein Capital LLC bought a new position in shares of Electrovaya during the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new position in shares of Electrovaya during the 3rd quarter worth approximately $46,000. TD Waterhouse Canada Inc. raised its stake in Electrovaya by 737.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after acquiring an additional 8,000 shares during the period. Finally, NewEdge Advisors LLC bought a new stake in Electrovaya in the 4th quarter valued at $79,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Price Performance

Shares of ELVA opened at $7.94 on Wednesday. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $8.78 and its 200 day simple moving average is $7.21. Electrovaya has a 1-year low of $2.25 and a 1-year high of $11.88. The company has a market cap of $380.99 million, a price-to-earnings ratio of 65.84, a PEG ratio of 0.95 and a beta of 1.56.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The firm had revenue of $15.50 million during the quarter, compared to analysts’ expectations of $16.71 million. On average, research analysts forecast that Electrovaya will post 0.1 earnings per share for the current fiscal year.

About Electrovaya

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.