Enovix Co. (NASDAQ:ENVX) Short Interest Up 13.9% in April

Enovix Co. (NASDAQ:ENVX) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 41,800,000 shares, a growth of 13.9% from the March 31st total of 36,690,000 shares. Currently, 30.6% of the shares of the stock are short sold. Based on an average trading volume of 4,360,000 shares, the days-to-cover ratio is presently 9.6 days.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.43.

Enovix Price Performance

NASDAQ:ENVX traded up $0.03 during trading hours on Monday, reaching $6.49. 5,280,244 shares of the company traded hands, compared to its average volume of 4,417,842. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90. The stock has a market cap of $1.09 billion, a P/E ratio of -4.24 and a beta of 1.62. The firm’s 50-day moving average is $8.07 and its 200-day moving average is $10.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. Equities research analysts expect that Enovix will post -1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Beacon Capital Management LLC increased its stake in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Enovix during the 3rd quarter valued at about $31,000. Carmel Capital Partners LLC purchased a new position in shares of Enovix during the 3rd quarter worth about $34,000. Able Wealth Management LLC acquired a new stake in shares of Enovix in the fourth quarter worth approximately $34,000. Finally, Quest Partners LLC purchased a new stake in Enovix in the fourth quarter valued at approximately $49,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.