Short Interest in Enovix Co. (NASDAQ:ENVX) Increases By 6.6%

Enovix Co. (NASDAQ:ENVX) saw a significant increase in short interest in the month of 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 daily trading volume, of 6,240,000 shares, the days-to-cover ratio is currently 8.5 days. Approximately 35.8% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ENVX. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. Craig Hallum upped their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Benchmark assumed coverage on shares of Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Enovix has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $8.58 on Wednesday. The company has a 50 day moving average of $10.26 and a 200 day 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 $1.51 billion, a P/E ratio of -6.40 and a beta of 1.99. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million for 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%. As a group, sell-side analysts forecast that Enovix will post -1.21 EPS for the current fiscal year.

Institutional Trading of Enovix

A number of large investors have recently modified their holdings of ENVX. Sanctuary Advisors LLC bought a new position in shares of Enovix in the second quarter worth approximately $1,867,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix during the 2nd quarter valued at $39,000. Cetera Investment Advisers lifted its holdings in shares of Enovix by 81.5% during the 2nd quarter. Cetera Investment Advisers now owns 89,228 shares of the company’s stock worth $1,379,000 after acquiring an additional 40,055 shares during the last quarter. Creative Planning grew its position in Enovix by 53.7% in the second quarter. Creative Planning now owns 33,084 shares of the company’s stock worth $511,000 after acquiring an additional 11,554 shares in the last quarter. Finally, Algert Global LLC bought a new position in Enovix in the second quarter valued at $223,000. Institutional investors own 50.92% of the company’s stock.

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.