Short Interest in Enovix Co. (NASDAQ:ENVX) Decreases By 6.4%

Enovix Co. (NASDAQ:ENVX) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 48,480,000 shares, a decline of 6.4% from the October 15th total of 51,820,000 shares. Approximately 30.8% of the company’s stock are sold short. Based on an average trading volume of 6,010,000 shares, the days-to-cover ratio is currently 8.1 days.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Craig Hallum lifted their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Insider Buying and Selling

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

Several large investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC purchased a new stake in shares of Enovix during the 3rd quarter valued at $27,000. Blue Trust Inc. grew its holdings in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. Beacon Capital Management LLC raised its stake in Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after buying an additional 1,798 shares during the last quarter. GAMMA Investing LLC lifted its position in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix during the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Up 0.8 %

NASDAQ ENVX traded up $0.07 on Monday, reaching $8.55. The company had a trading volume of 376,882 shares, compared to its average volume of 5,627,207. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The company’s fifty day moving average is $9.98 and its 200-day moving average is $11.33. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -5.27 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the previous year, the firm posted ($0.27) EPS. On average, research analysts forecast that Enovix will post -1.17 earnings per share for the current fiscal year.

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.