Enovix Co. (NASDAQ:ENVX) Short Interest Down 5.1% in March

Enovix Co. (NASDAQ:ENVX) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 36,690,000 shares, a drop of 5.1% from the March 15th total of 38,680,000 shares. Approximately 26.6% of the shares of the company are short sold. Based on an average daily volume of 4,310,000 shares, the short-interest ratio is currently 8.5 days.

Insiders Place Their Bets

In related news, COO Ajay Marathe sold 4,954 shares of the 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 in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares in the last quarter. Raymond James & Associates grew its stake in shares of Enovix by 73.9% during the third quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock valued at $4,950,000 after purchasing an additional 167,647 shares during the last quarter. Udine Wealth Management Inc. acquired a new stake in shares of Enovix in the fourth quarter valued at approximately $1,687,000. tru Independence LLC bought a new position in Enovix in the 3rd quarter worth approximately $3,745,000. Finally, Janney Montgomery Scott LLC acquired a new position in Enovix during the 3rd quarter worth $1,167,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 3.8 %

Shares of ENVX stock opened at $6.63 on Thursday. Enovix has a 12-month low of $6.61 and a 12-month high of $23.90. 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 firm has a 50-day moving average price of $8.96 and a 200 day moving average price of $10.32.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ENVX shares. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus price target of $28.29.

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.