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

Enovix Co. (NASDAQ:ENVX) saw a large drop in short interest in 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. Currently, 26.6% of the company’s stock are sold short. Based on an average trading volume of 4,310,000 shares, the short-interest ratio is presently 8.5 days.

Institutional Trading of Enovix

A number of institutional investors have recently modified their holdings of ENVX. Credit Suisse AG grew its stake in Enovix by 1.1% during the second quarter. Credit Suisse AG now owns 55,808 shares of the company’s stock worth $498,000 after buying an additional 603 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after buying an additional 910 shares in the last quarter. Beacon Capital Management LLC boosted 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 buying an additional 1,000 shares in the last quarter. Legal & General Group Plc raised its stake in Enovix by 0.8% during the fourth quarter. Legal & General Group Plc now owns 129,527 shares of the company’s stock worth $1,622,000 after acquiring an additional 1,011 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Enovix by 5.9% in the third quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock worth $261,000 after acquiring an additional 1,154 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Stock Down 8.3 %

ENVX opened at $6.70 on Tuesday. The stock has a fifty day moving average of $9.08 and a 200-day moving average of $10.39. The company has a market capitalization of $1.13 billion, a P/E ratio of -4.38 and a beta of 1.62. Enovix has a fifty-two week low of $6.64 and a fifty-two week high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. William Blair started coverage on shares of Enovix in a research report on Monday, December 18th. They set an “outperform” rating for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Enovix has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

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.