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

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

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ENVX. Beacon Capital Management LLC boosted its stake in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Enovix in the third quarter valued at $31,000. Carmel Capital Partners LLC purchased a new stake in shares of Enovix in the third quarter valued at $34,000. Able Wealth Management LLC acquired a new stake in shares of Enovix in the fourth quarter worth $34,000. Finally, Quest Partners LLC purchased a new position in shares of Enovix during the fourth quarter valued at $49,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Finally, JPMorgan Chase & Co. cut their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Enovix Price Performance

Shares of NASDAQ:ENVX traded up $0.03 on Monday, reaching $6.49. 5,280,244 shares of the company traded hands, compared to its average volume of 4,417,842. The stock has a market capitalization of $1.09 billion, a PE ratio of -4.24 and a beta of 1.62. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The company’s 50 day moving average is $8.07 and its 200-day moving average is $10.07. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. As a group, analysts anticipate that Enovix will post -1.13 earnings per share for the current fiscal 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.