Electrovaya Inc. (NASDAQ:ELVA) Sees Significant Growth in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 118,100 shares, a growth of 104.3% from the November 15th total of 57,800 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 48,100 shares, the short-interest ratio is presently 2.5 days.

Electrovaya Price Performance

ELVA traded down $0.27 on Friday, hitting $2.58. 184,572 shares of the company were exchanged, compared to its average volume of 40,625. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $4.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. The firm has a market capitalization of $88.08 million, a P/E ratio of -258.00 and a beta of 1.91. The business’s fifty day moving average is $2.35 and its 200 day moving average is $2.38.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Alliance Global Partners began coverage on Electrovaya in a research note on Thursday, September 26th. They set a “buy” rating and a $5.00 price target for the company. HC Wainwright cut their price objective on shares of Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Friday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.25.

Electrovaya Company Profile

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.