Enovix Co. (NASDAQ:ENVX - Get Free Report) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 48,480,000 shares, a drop of 6.4% from the October 15th total of 51,820,000 shares. Approximately 30.8% of the company's shares are sold short. Based on an average daily trading volume, of 6,010,000 shares, the days-to-cover ratio is currently 8.1 days.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Craig Hallum raised their price target on Enovix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Piper Sandler restated an "overweight" rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. TD Cowen raised their target price on Enovix from $11.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, August 1st. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price objective on the stock. in a research report on Thursday, October 31st. Finally, Benchmark reaffirmed a "buy" rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Enovix has an average rating of "Moderate Buy" and a consensus price target of $20.50.
Check Out Our Latest Research Report on ENVX
Insider Activity at Enovix
In other Enovix 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 transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company's stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 company. Swiss National Bank lifted its stake in shares of Enovix by 5.0% in the first quarter. Swiss National Bank now owns 281,600 shares of the company's stock worth $2,256,000 after acquiring an additional 13,400 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in Enovix by 14.8% in the first quarter. Avantax Advisory Services Inc. now owns 26,187 shares of the company's stock worth $210,000 after purchasing an additional 3,384 shares during the period. ProShare Advisors LLC grew its holdings in shares of Enovix by 8.5% during the first quarter. ProShare Advisors LLC now owns 24,915 shares of the company's stock valued at $200,000 after purchasing an additional 1,960 shares during the last quarter. Blair William & Co. IL acquired a new stake in shares of Enovix in the 1st quarter worth about $268,000. Finally, Vanguard Group Inc. raised its stake in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company's stock valued at $104,881,000 after acquiring an additional 164,717 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.
Enovix Stock Up 0.9 %
Shares of NASDAQ:ENVX traded up $0.08 during midday trading on Monday, hitting $8.56. 4,760,731 shares of the company's stock traded hands, compared to its average volume of 5,646,865. The firm's fifty day moving average price is $9.98 and its two-hundred day moving average price is $11.33. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a market cap of $1.52 billion, a PE ratio of -5.47 and a beta of 1.99.
Enovix (NASDAQ:ENVX - Get Free Report) last posted its 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 business had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter last year, the firm earned ($0.27) earnings per share. On average, equities research analysts anticipate that Enovix will post -1.17 EPS for the current fiscal year.
Enovix Company Profile
(
Get Free Report)
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.
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