Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Increases By 149.1%

Electrovaya Inc. (NASDAQ:ELVA) saw a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 899,120 shares, an increase of 149.1% from the February 26th total of 360,880 shares. Based on an average daily trading volume, of 414,810 shares, the short-interest ratio is presently 2.2 days. Approximately 1.9% of the company’s stock are sold short.

Hedge Funds Weigh In On Electrovaya

A number of hedge funds and other institutional investors have recently modified their holdings of ELVA. Polar Asset Management Partners Inc. grew its stake in Electrovaya by 145.5% in the 4th quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after purchasing an additional 696,320 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in shares of Electrovaya in the 4th quarter worth about $4,976,000. Caldwell Investment Management Ltd. bought a new position in Electrovaya during the third quarter valued at about $2,424,000. Bank of America Corp DE grew its position in Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after buying an additional 304,324 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new stake in Electrovaya during the third quarter worth about $1,677,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Down 3.6%

NASDAQ ELVA traded down $0.28 on Thursday, reaching $7.50. The company had a trading volume of 71,806 shares, compared to its average volume of 552,204. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average is $8.76 and its 200 day moving average is $7.21. Electrovaya has a 52-week low of $2.25 and a 52-week high of $11.88. The stock has a market capitalization of $359.70 million, a P/E ratio of 62.51, a P/E/G ratio of 0.95 and a beta of 1.56.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $15.50 million for the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. Sell-side analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ELVA. Oppenheimer began coverage on Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Electrovaya has an average rating of “Moderate Buy” and an average target price of $11.17.

About Electrovaya

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.