Enovix Co. (NASDAQ:ENVX) Short Interest Up 5.0% in August

Enovix Co. (NASDAQ:ENVX) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 49,510,000 shares, an increase of 5.0% from the August 15th total of 47,150,000 shares. Approximately 33.9% of the shares of the company are sold short. Based on an average daily trading volume, of 6,200,000 shares, the short-interest ratio is presently 8.0 days.

Enovix Trading Up 1.4 %

Enovix stock traded up $0.12 during mid-day trading on Thursday, hitting $8.61. The company’s stock had a trading volume of 1,181,158 shares, compared to its average volume of 5,435,188. Enovix has a one year low of $5.70 and a one year high of $18.68. The stock has a market cap of $1.52 billion, a PE ratio of -6.34 and a beta of 1.99. The company has a 50 day moving average of $11.89 and a 200-day moving average of $10.55. 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 (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, research analysts anticipate that Enovix will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Oppenheimer & Co. Inc. grew its position in shares of Enovix by 68.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock worth $1,886,000 after buying an additional 61,327 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Enovix by 29.3% during the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock valued at $231,000 after purchasing an additional 4,170 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after buying an additional 171,635 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ENVX has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Craig Hallum increased their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Enovix presently has an average rating of “Buy” and an average target price of $21.33.

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.