Enovix Co. (NASDAQ:ENVX) Short Interest Down 6.4% in October

Enovix Co. (NASDAQ:ENVX) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 48,480,000 shares, a decrease of 6.4% from the October 15th total of 51,820,000 shares. Based on an average daily volume of 6,010,000 shares, the days-to-cover ratio is currently 8.1 days. Approximately 30.8% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ENVX shares. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Craig Hallum raised their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.50.

Insiders Place Their Bets

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares during the last quarter. Geode Capital Management LLC lifted its stake in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after buying an additional 182,757 shares in the last quarter. Masters Capital Management LLC grew its holdings in Enovix by 3.8% during the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after buying an additional 50,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock worth $11,479,000 after buying an additional 73,320 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Performance

Shares of ENVX opened at $8.56 on Tuesday. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a 50-day simple moving average of $10.00 and a 200-day simple moving average of $11.32. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

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

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.