Short Interest in Electrovaya Inc. (NASDAQ:ELVA) Rises By 36.1%

Electrovaya Inc. (NASDAQ:ELVA) saw a significant increase in short interest in May. As of May 31st, there was short interest totalling 87,400 shares, an increase of 36.1% from the May 15th total of 64,200 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 62,600 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Trading of Electrovaya

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. bought a new position in shares of Electrovaya in the 4th quarter valued at about $5,372,000. Herald Investment Management Ltd boosted its stake in Electrovaya by 372.0% in the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after acquiring an additional 930,000 shares during the last quarter. Mink Brook Asset Management LLC bought a new position in Electrovaya in the fourth quarter valued at approximately $867,000. WealthTrust Axiom LLC grew its holdings in Electrovaya by 133.9% during the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after acquiring an additional 225,629 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new position in Electrovaya in the fourth quarter valued at about $435,000. 22.47% of the stock is owned by institutional investors.

Electrovaya Price Performance

NASDAQ ELVA traded down $0.01 on Tuesday, hitting $3.37. 10,466 shares of the company were exchanged, compared to its average volume of 68,569. Electrovaya has a 1-year low of $1.67 and a 1-year high of $3.71. The firm has a 50 day moving average of $2.90 and a two-hundred day moving average of $2.62. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. The company has a market cap of $134.96 million, a P/E ratio of -84.13 and a beta of 1.40.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $15.02 million for the quarter, compared to analyst estimates of $15.95 million. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. On average, equities analysts predict that Electrovaya will post 0.1 EPS for the current year.

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.