Enovix Co. (NASDAQ:ENVX) Sees Large Drop in Short Interest

Enovix Co. (NASDAQ:ENVXGet Rating) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 5,300,000 shares, a decline of 38.4% from the May 31st total of 8,600,000 shares. Approximately 5.2% of the company’s shares are sold short. Based on an average daily trading volume, of 2,370,000 shares, the short-interest ratio is currently 2.2 days.

In related news, Director Thurman J. Rodgers acquired 100,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were purchased at an average price of $9.00 per share, for a total transaction of $900,000.00. Following the completion of the acquisition, the director now owns 400,000 shares in the company, valued at $3,600,000. The purchase was disclosed in a filing with the SEC, which is available at this link.

A number of hedge funds have recently added to or reduced their stakes in the stock. Electron Capital Partners LLC lifted its position in Enovix by 2.5% in the 1st quarter. Electron Capital Partners LLC now owns 7,066,553 shares of the company’s stock valued at $100,840,000 after acquiring an additional 170,248 shares in the last quarter. Summit Partners Public Asset Management LLC lifted its position in Enovix by 1.2% in the 1st quarter. Summit Partners Public Asset Management LLC now owns 3,582,986 shares of the company’s stock valued at $51,129,000 after acquiring an additional 41,990 shares in the last quarter. Vanguard Group Inc. lifted its position in Enovix by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 3,059,143 shares of the company’s stock valued at $43,654,000 after acquiring an additional 157,167 shares in the last quarter. Granahan Investment Management LLC lifted its position in Enovix by 1.5% in the 1st quarter. Granahan Investment Management LLC now owns 2,524,087 shares of the company’s stock valued at $36,019,000 after acquiring an additional 37,078 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Enovix by 1.2% in the 1st quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock valued at $21,376,000 after acquiring an additional 18,009 shares in the last quarter. 56.82% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on ENVX. Craig Hallum reduced their price target on Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Cowen reduced their target price on Enovix from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, June 24th. Finally, Cowen reduced their target price on Enovix from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, June 24th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $28.83.

Shares of ENVX traded down $0.19 during mid-day trading on Friday, reaching $8.72. The company had a trading volume of 1,863,309 shares, compared to its average volume of 1,842,593. The firm has a 50-day moving average price of $10.39 and a 200 day moving average price of $14.51. Enovix has a 52 week low of $7.26 and a 52 week high of $39.48. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -8.30 and a beta of 1.90.

Enovix (NASDAQ:ENVXGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). On average, research analysts anticipate that Enovix will post -0.63 earnings per share for the current year.

About Enovix (Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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