Electrovaya Inc. (NASDAQ:ELVA) Short Interest Down 24.6% in January

Electrovaya Inc. (NASDAQ:ELVA) saw a large decrease in short interest in the month of January. As of January 30th, there was short interest totaling 334,380 shares, a decrease of 24.6% from the January 15th total of 443,463 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 937,767 shares, the short-interest ratio is presently 0.4 days. Based on an average daily trading volume, of 937,767 shares, the short-interest ratio is presently 0.4 days. Currently, 0.7% of the company’s shares are short sold.

Electrovaya Stock Down 11.4%

Electrovaya stock traded down $1.00 during mid-day trading on Monday, reaching $7.75. 1,207,835 shares of the company were exchanged, compared to its average volume of 799,183. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.93 and a current ratio of 4.16. The firm has a market cap of $371.69 million, a P/E ratio of 64.59 and a beta of 1.35. The business has a fifty day moving average of $8.58 and a 200 day moving average of $6.70. Electrovaya has a 12-month low of $1.80 and a 12-month high of $11.88.

Electrovaya (NASDAQ:ELVA) last announced 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. Electrovaya had a net margin of 7.07% and a return on equity of 19.39%. The business had revenue of $15.50 million during the quarter, compared to the consensus estimate of $16.71 million. Research analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Large investors have recently bought and sold shares of the company. WealthTrust Axiom LLC grew its holdings in Electrovaya by 23.1% in the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock valued at $3,996,000 after purchasing an additional 94,950 shares during the period. Marshall Wace LLP lifted its position in shares of Electrovaya by 15.7% during the 4th quarter. Marshall Wace LLP now owns 223,897 shares of the company’s stock valued at $1,769,000 after buying an additional 30,353 shares in the last quarter. First Trust Advisors LP grew its stake in Electrovaya by 33.4% in the 4th quarter. First Trust Advisors LP now owns 105,996 shares of the company’s stock valued at $837,000 after acquiring an additional 26,529 shares during the period. State Street Corp purchased a new stake in Electrovaya in the 4th quarter worth $267,000. Finally, Wells Fargo & Company MN increased its holdings in Electrovaya by 286.8% in the 4th quarter. Wells Fargo & Company MN now owns 15,510 shares of the company’s stock worth $123,000 after acquiring an additional 11,500 shares in the last quarter. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ELVA shares. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a report on Thursday, December 11th. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Oppenheimer started 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. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.17.

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.