Electrovaya Inc. (NASDAQ:ELVA) Short Interest Up 104.3% in November

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

Electrovaya Trading Up 12.6 %

Electrovaya stock traded up $0.32 during trading on Thursday, hitting $2.85. The company had a trading volume of 197,207 shares, compared to its average volume of 40,018. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The company’s 50 day simple moving average is $2.35 and its 200-day simple moving average is $2.38. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.58. The stock has a market cap of $97.30 million, a price-to-earnings ratio of -285.00 and a beta of 1.90.

Analyst Ratings Changes

Several research firms have issued reports on ELVA. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price objective on shares of Electrovaya in a report on Wednesday, August 14th. Craig Hallum decreased their target price on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Alliance Global Partners began coverage on Electrovaya in a research note on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective for the company. Five equities research 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 $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.