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

Enovix Co. (NASDAQ:ENVX) was the target of a significant growth in short interest during 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 shares of the stock are short sold. Based on an average trading volume of 6,240,000 shares, the short-interest ratio is currently 8.5 days.

Enovix Price Performance

Shares of ENVX stock opened at $8.58 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The firm has a market cap of $1.51 billion, a P/E ratio of -6.40 and a beta of 1.99. The business’s 50 day moving average price is $10.26 and its 200-day moving average price is $10.55.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.85 million. On average, equities research analysts anticipate that Enovix will post -1.21 earnings per share for the current year.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Electron Capital Partners LLC lifted its position in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after buying an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Finally, Masters Capital Management LLC grew its position in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after buying an additional 50,000 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ENVX. Benchmark began coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Oppenheimer restated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Craig Hallum boosted their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Piper Sandler restated an “overweight” rating and set a $19.00 price target (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. One analyst has rated the stock with a hold rating, eight have given 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 Company Profile

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.