Electrovaya Inc. (NASDAQ:ELVA) Sees Significant Drop in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 62,400 shares, a drop of 7.4% from the September 30th total of 67,400 shares. Based on an average daily volume of 26,300 shares, the short-interest ratio is presently 2.4 days. Currently, 0.3% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

ELVA has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Electrovaya in a research report on Wednesday, August 14th. Alliance Global Partners initiated coverage on Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective for the company. Finally, Craig Hallum lowered their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Electrovaya presently has a consensus rating of “Buy” and an average price target of $8.75.

Electrovaya Stock Down 1.5 %

Electrovaya stock traded down $0.03 during midday trading on Friday, reaching $2.03. The stock had a trading volume of 6,846 shares, compared to its average volume of 32,729. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58. The company has a market capitalization of $68.79 million, a P/E ratio of -203.00 and a beta of 1.38. The company has a fifty day moving average price of $2.17 and a two-hundred day moving average price of $2.52. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). The company had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. As a group, equities analysts expect that Electrovaya will post -0.05 EPS for the current fiscal year.

Electrovaya Company Profile

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.