Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Drops By 7.4%

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

Wall Street Analysts Forecast Growth

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

Electrovaya Stock Down 2.8 %

Shares of NASDAQ:ELVA traded down $0.06 during trading hours on Thursday, hitting $2.06. The company’s stock had a trading volume of 9,257 shares, compared to its average volume of 32,852. The firm’s fifty day moving average price is $2.17 and its 200 day moving average price is $2.52. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.58. The company has a market capitalization of $69.80 million, a price-to-earnings ratio of -206.00 and a beta of 1.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54.

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

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.