Enovix Co. (NASDAQ:ENVX) Short Interest Update

Enovix Co. (NASDAQ:ENVX) saw a large decline in short interest in 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 shares of the stock are sold short. Based on an average daily trading volume, of 6,010,000 shares, the short-interest ratio is presently 8.1 days.

Enovix Stock Up 4.3 %

ENVX stock opened at $8.93 on Wednesday. The company has a 50 day moving average of $10.02 and a two-hundred day moving average of $11.31. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -5.55 and a beta of 1.99.

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

Wall Street Analysts Forecast Growth

ENVX has been the subject of a number of recent research reports. Canaccord Genuity Group increased their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. TD Cowen boosted their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Craig Hallum raised their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its stake in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after purchasing an additional 905 shares during the last quarter. Blue Trust Inc. raised its holdings in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. lifted its position in shares of Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after acquiring an additional 1,367 shares in the last quarter. Finally, Clear Creek Financial Management LLC increased its holdings in shares of Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after acquiring an additional 1,400 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.