Electrovaya Inc. (NASDAQ:ELVA) Sees Large Increase in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 62,800 shares, an increase of 11.3% from the August 15th total of 56,400 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 29,700 shares, the short-interest ratio is presently 2.1 days.

Hedge Funds Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC purchased a new position in shares of Electrovaya Inc. (NASDAQ:ELVA) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for about 1.4% of Worth Venture Partners LLC’s portfolio, making the stock its 22nd biggest position. Worth Venture Partners LLC owned about 2.42% of Electrovaya as of its most recent SEC filing. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Price Performance

ELVA stock opened at $2.28 on Wednesday. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.58. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $2.21 and its two-hundred day moving average is $2.84.

Electrovaya (NASDAQ:ELVA) last posted its 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). Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. The firm had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. As a group, research analysts forecast that Electrovaya will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ELVA. Craig Hallum reduced their price target on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Electrovaya in a research note on Wednesday, August 14th.

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.