Electrovaya Inc. (NASDAQ:ELVA) Short Interest Down 19.3% in February

by · The Markets Daily

Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) saw a significant decrease in short interest during the month of February. As of February 13th, there was short interest totaling 269,870 shares, a decrease of 19.3% from the January 29th total of 334,380 shares. Based on an average daily volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.6% of the shares of the company are sold short. Approximately 0.6% of the shares of the company are sold short. Based on an average daily volume of 713,474 shares, the days-to-cover ratio is currently 0.4 days.

Hedge Funds Weigh In On Electrovaya

Institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new position in Electrovaya in the 4th quarter valued at approximately $79,000. XTX Topco Ltd increased its holdings in shares of Electrovaya by 201.2% during the fourth quarter. XTX Topco Ltd now owns 101,056 shares of the company’s stock worth $798,000 after buying an additional 67,504 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Electrovaya in the 4th quarter valued at $771,000. Millennium Management LLC boosted its holdings in shares of Electrovaya by 204.6% during the 4th quarter. Millennium Management LLC now owns 48,879 shares of the company’s stock valued at $386,000 after acquiring an additional 32,832 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted its holdings in shares of Electrovaya by 145.5% during 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 acquiring an additional 696,320 shares in the last quarter. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday, February 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating and issued a $9.50 price target on shares of Electrovaya in a research note on Thursday, December 11th. Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Oppenheimer started coverage on Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.17.

Check Out Our Latest Stock Report on ELVA

Electrovaya Price Performance

Shares of Electrovaya stock traded down $0.32 during trading on Tuesday, reaching $7.40. 171,690 shares of the company’s stock were exchanged, compared to its average volume of 633,524. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.69 and a current ratio of 6.02. Electrovaya has a 1-year low of $1.80 and a 1-year high of $11.88. The company has a market cap of $354.90 million, a P/E ratio of 61.67, a PEG ratio of 0.94 and a beta of 1.57. The firm’s 50-day moving average price is $8.89 and its 200 day moving average price is $6.93.

Electrovaya (NASDAQ:ELVA – Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%.The business had revenue of $15.50 million for the quarter, compared to analyst estimates of $16.71 million. As a group, research analysts anticipate that Electrovaya will post 0.1 earnings per share for the current year.

Electrovaya Company Profile

(Get Free Report)

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.

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