Enovix Co. (NASDAQ:ENVX – Get Rating) saw a sharp decline in short-term interest in October. As of October 15, there was short interest totaling 12,260,000 shares, a decrease of 9.2% from the total of 13,500,000 shares as of September 30. Currently, 11.5% of the company’s shares are sold short. Based on an average trading volume of 4,510,000 shares, the short interest ratio is currently 2.7 days.

Insider activity

Separately, CEO Harrold J. Rust sold 4,500 shares of the company in a trade dated Tuesday, September 13. The stock was sold at an average price of $20.46, for a total value of $92,070.00. Following completion of the transaction, the CEO now owns 1,375,031 shares of the company, valued at approximately $28,133,134.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Separately, CTO Ashok Lahiri sold 2,000 shares of the company in a trade dated Monday, August 1. The shares were sold at an average price of $13.30, for a total value of $26,600.00. Following the completion of the sale, the CTO now directly owns 1,407,993 shares of the company, valued at approximately $18,726,306.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CEO Harrold J. Rust sold 4,500 shares of the company in a trade dated Tuesday, September 13. The shares were sold at an average price of $20.46, for a total transaction of $92,070.00. Following the completion of the sale, the CEO now owns 1,375,031 shares of the company, valued at $28,133,134.26. The disclosure of this sale can be found here. Insiders sold 125,000 shares of the company worth $2,158,225 during the last quarter. Company insiders own 20.60% of the company’s shares.

Institutional entries and exits

A number of hedge funds have recently increased or reduced their stakes in the company. Electron Capital Partners LLC increased its stake in Enovix by 2.5% in the first quarter. Electron Capital Partners LLC now owns 7,066,553 shares of the company valued at $100,840,000 after acquiring an additional 170,248 shares in the last quarter. Summit Partners Public Asset Management LLC increased its stake in Enovix by 1.2% in the first quarter. Summit Partners Public Asset Management LLC now owns 3,582,986 shares of the company valued at $51,129,000 after acquiring 41,990 additional shares in the last quarter. Vanguard Group Inc. increased its stake in Enovix by 5.4% in the first quarter. Vanguard Group Inc. now owns 3,059,143 shares of the company valued at $43,654,000 after acquiring an additional 157,167 shares in the last quarter. Encompass Capital Advisors LLC increased its stake in Enovix by 113.5% in the second quarter. Encompass Capital Advisors LLC now owns 2,819,699 shares of the company valued at $25,124,000 after acquiring an additional 1,499,121 shares in the last quarter. Finally, Granahan Investment Management LLC increased its stake in Enovix by 1.5% in the first quarter. Granahan Investment Management LLC now owns 2,524,087 shares of the company valued at $36,019,000 after acquiring 37,078 additional shares in the last quarter. 61.75% of the shares are held by institutional investors.

Enovix stock up 2.2%

Shares of ENVX rose $0.40 during Friday’s midday session, hitting $18.50. 2,817,574 shares of the company were traded, against an average volume of 2,839,973. Enovix has a 52-week low of $7.26 and a 52-week high of $39.48. The stock’s 50-day simple moving average is $19.72 and its 200-day simple moving average is $14.44. The company has a market capitalization of $2.91 billion, a price-earnings ratio of -18.14 and a beta of 2.05.

Enovix (NASDAQ:ENVX – Get Rating) last announced its results on Wednesday, August 10. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.01. The company posted revenue of $5.10 million for the quarter, versus a consensus estimate of $0.42 million. In the same period a year earlier, the company posted ($0.21) earnings per share. Analysts expect Enovix to post -0.77 earnings per share for the current fiscal year.

Analyst upgrades and downgrades

Several brokerages have recently published reports on ENVX. Northland Securities raised its price target on Enovix shares from $22.00 to $25.00 and gave the company an “outperform” rating in a Thursday, Aug. 11 research note. Loop Capital raised its price target on Enovix shares from $50.00 to $100.00 and gave the stock a “buy” rating in a Monday, August 22 research report. Piper Sandler restated an “overweight” rating and set a price target of $29.00 on Enovix shares in a Tuesday, September 20 research report. EF Hutton Acquisition Co. I assumed coverage of Enovix shares in a research report on Friday. They set a “buy” rating and a price target of $25.00 for the company. Finally, Craig Hallum raised his price target on Enovix shares from $20.00 to $25.00 and gave the stock a “buy” rating in a Thursday, August 11 research report. Ten equity research analysts rated the stock with a buy rating. According to data from MarketBeat, Enovix currently has an average rating of “Buy” and an average price target of $35.90.

About Enovix

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

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