Electrovaya Inc. (NASDAQ:ELVA) Short Interest Update

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 57,800 shares, a drop of 12.4% from the October 31st total of 66,000 shares. Based on an average daily volume of 39,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.3% of the company’s shares are short sold.

Electrovaya Stock Up 1.5 %

Shares of NASDAQ:ELVA traded up $0.04 during midday trading on Friday, hitting $2.64. 26,901 shares of the stock were exchanged, compared to its average volume of 86,789. The business’s fifty day simple moving average is $2.27 and its two-hundred day simple moving average is $2.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.58. The company has a market capitalization of $90.13 million, a PE ratio of -264.00 and a beta of 1.44.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Alliance Global Partners assumed coverage on Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $16.00 target price on shares of Electrovaya in a report on Wednesday, August 14th. Finally, Craig Hallum reduced their price target on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus 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.