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

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of a large 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 trading volume of 18,800 shares, the short-interest ratio is presently 3.5 days. Approximately 0.3% of the company’s stock are sold short.

Electrovaya Stock Down 1.3 %

Shares of NASDAQ:ELVA traded down $0.03 during mid-day trading on Tuesday, reaching $2.35. The stock had a trading volume of 19,343 shares, compared to its average volume of 33,680. The business’s 50 day moving average price is $2.21 and its 200 day moving average price is $2.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.58.

Wall Street Analysts Forecast Growth

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

About Electrovaya

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.