Enovix Co. (NASDAQ:ENVX) Short Interest Up 6.6% in September

Enovix Co. (NASDAQ:ENVX) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 52,780,000 shares, a growth of 6.6% from the August 31st total of 49,510,000 shares. Approximately 35.8% of the company’s shares are sold short. Based on an average daily trading volume, of 6,240,000 shares, the days-to-cover ratio is presently 8.5 days.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Craig Hallum increased their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Finally, Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix presently has a consensus rating of “Buy” and an average price target of $21.33.

Enovix Price Performance

Shares of Enovix stock traded down $0.74 on Tuesday, hitting $8.60. The company’s stock had a trading volume of 3,920,814 shares, compared to its average volume of 5,396,542. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The firm has a fifty day moving average price of $10.41 and a 200-day moving average price of $10.55. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a market capitalization of $1.46 billion, a P/E ratio of -6.37 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. On average, equities research analysts expect that Enovix will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Enovix

A number of large investors have recently made changes to their positions in ENVX. Blue Trust Inc. lifted its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Enovix during the second quarter worth approximately $39,000. Able Wealth Management LLC purchased a new stake in Enovix in the 4th quarter worth approximately $34,000. Finally, Voisard Asset Management Group Inc. acquired a new position in Enovix in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.