Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 62,800 shares, an increase of 11.3% from the August 15th total of 56,400 shares. Based on an average daily trading volume, of 29,700 shares, the short-interest ratio is currently 2.1 days. Currently, 0.3% of the shares of the stock are sold short.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Electrovaya in a research note on Wednesday, August 14th. Craig Hallum dropped their price objective 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.
Read Our Latest Report on Electrovaya
Electrovaya Trading Down 3.1 %
Electrovaya (NASDAQ:ELVA – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). Electrovaya had a negative return on equity of 8.02% and a negative net margin of 1.34%. The business had revenue of $10.27 million for the quarter, compared to the consensus estimate of $17.84 million. On average, equities research analysts forecast that Electrovaya will post -0.04 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC acquired a new stake in shares of Electrovaya Inc. (NASDAQ:ELVA – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for approximately 1.4% of Worth Venture Partners LLC’s investment portfolio, making the stock its 22nd biggest position. Worth Venture Partners LLC owned 2.42% of Electrovaya as of its most recent SEC filing. 22.47% of the stock is currently owned by institutional investors.
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.
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