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

Enovix Co. (NASDAQ:ENVX) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 36,690,000 shares, a drop of 5.1% from the March 15th total of 38,680,000 shares. Based on an average trading volume of 4,310,000 shares, the days-to-cover ratio is presently 8.5 days. Currently, 26.6% of the company’s shares are short sold.

Enovix Stock Down 3.8 %

NASDAQ:ENVX opened at $6.63 on Thursday. The firm has a fifty day simple moving average of $8.96 and a two-hundred day simple moving average of $10.32. Enovix has a 12 month low of $6.61 and a 12 month high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. As a group, sell-side analysts expect that Enovix will post -1.13 earnings per share for the current year.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Enovix by 24.7% in the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock worth $155,788,000 after acquiring an additional 1,713,057 shares during the last quarter. Electron Capital Partners LLC lifted its position 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 acquiring an additional 540,399 shares in the last quarter. State Street Corp boosted its stake in Enovix by 22.0% during the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company’s stock valued at $47,319,000 after purchasing an additional 473,011 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Enovix by 0.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after purchasing an additional 9,800 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on ENVX shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $28.29.

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.