Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Grows By 5.8%

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

Electrovaya Stock Performance

NASDAQ:ELVA traded down $0.09 during midday trading on Tuesday, reaching $2.29. The stock had a trading volume of 21,510 shares, compared to its average volume of 33,695. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54. The stock has a market capitalization of $78.18 million, a P/E ratio of -235.00 and a beta of 1.44. The firm’s fifty day simple moving average is $2.21 and its 200-day simple moving average is $2.43. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.58.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ELVA. Craig Hallum dropped their target price on Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Electrovaya in a report on Wednesday, August 14th. Finally, Alliance Global Partners started coverage on Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.75.

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.