Enovix Co. (NASDAQ:ENVX) Sees Significant Growth in Short Interest

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on ENVX shares. Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Benchmark assumed coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. TD Cowen upped their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $21.33.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC lifted its stake in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. 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 worth $11,518,000 after buying an additional 1,376,253 shares during the period. Electron Capital Partners LLC grew its stake in Enovix by 20.0% in the 4th 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 last quarter. Vanguard Group Inc. raised its holdings in Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares during the period. Finally, Old West Investment Management LLC lifted its position in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after acquiring an additional 269,371 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

Enovix Trading Down 2.1 %

Shares of NASDAQ:ENVX traded down $0.21 during midday trading on Monday, hitting $9.34. The company had a trading volume of 2,618,308 shares, compared to its average volume of 5,404,380. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The firm has a fifty day simple moving average of $10.41 and a 200 day simple moving average of $10.55. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -6.97 and a beta of 1.99.

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

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.