Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 25.5% in April

Electrovaya Inc. (NASDAQ:ELVA) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 50,200 shares, a growth of 25.5% from the March 31st total of 40,000 shares. Based on an average trading volume of 37,800 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.2% of the company’s shares are short sold.

Electrovaya Trading Up 3.8 %

Shares of Electrovaya stock traded up $0.12 during trading hours on Tuesday, hitting $3.26. The company’s stock had a trading volume of 25,700 shares, compared to its average volume of 44,101. The stock has a market cap of $110.45 million and a price-to-earnings ratio of 163.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.98. Electrovaya has a twelve month low of $2.34 and a twelve month high of $5.50. The firm has a fifty day moving average of $3.66 and a 200-day moving average of $3.35.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Tuesday, February 13th. The company reported ($0.03) EPS for the quarter. Electrovaya had a net margin of 1.79% and a return on equity of 12.44%. The company had revenue of $12.09 million during the quarter, compared to analyst estimates of $12.63 million. Research analysts forecast that Electrovaya will post 0.18 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ELVA. Craig Hallum lowered their price target on shares of Electrovaya from $14.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 4th. Roth Mkm reaffirmed a “buy” rating and set a $8.00 target price on shares of Electrovaya in a research note on Tuesday, March 26th. Finally, Roth Capital reissued a “buy” rating on shares of Electrovaya in a research note on Wednesday, March 6th.

Hedge Funds Weigh In On Electrovaya

A number of hedge funds have recently made changes to their positions in ELVA. Toronto Dominion Bank acquired a new position in Electrovaya during the third quarter worth $67,000. Worth Venture Partners LLC purchased a new stake in shares of Electrovaya in the 4th quarter valued at $2,510,000. Finally, AIGH Capital Management LLC purchased a new stake in Electrovaya during the third quarter worth about $9,582,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.