Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Rises By 5.8%

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 66,000 shares, a growth of 5.8% from the October 15th total of 62,400 shares. Based on an average daily volume of 18,800 shares, the short-interest ratio is presently 3.5 days. Currently, 0.3% of the shares of the company are short sold.

Electrovaya Stock Performance

Shares of Electrovaya stock traded down $0.03 during trading on Tuesday, hitting $2.35. The stock had a trading volume of 19,343 shares, compared to its average volume of 33,680. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58. The business’s 50-day moving average is $2.21 and its 200 day moving average is $2.43. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Alliance Global Partners started coverage on shares of Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 price target on the stock. 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. Finally, Craig Hallum lowered their price objective on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.75.

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.