Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 5.8% in October

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 66,000 shares, an increase of 5.8% from the October 15th total of 62,400 shares. Based on an average trading volume of 18,800 shares, the days-to-cover ratio is currently 3.5 days. Currently, 0.3% of the shares of the stock are sold short.

Electrovaya Stock Performance

ELVA stock traded down $0.03 during trading hours on Tuesday, hitting $2.35. 19,343 shares of the stock were exchanged, compared to its average volume of 33,685. 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 company has a 50-day simple moving average of $2.21 and a two-hundred day simple moving average of $2.43. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58. The firm has a market capitalization of $80.23 million, a P/E ratio of -235.00 and a beta of 1.44.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Alliance Global Partners initiated coverage on shares of Electrovaya in a research note on Thursday, September 26th. They issued a “buy” rating and a $5.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price objective on shares of Electrovaya in a report on Wednesday, August 14th. Finally, Craig Hallum decreased their price target on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.75.

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.