Enovix Co. (ENVX) experienced a substantial surge in short interest during the month of April. The number of shorted shares reached 29,460,000, indicating a growth of 13.9% compared to the total of 25,860,000 shares reported on April 15th. (https://www.udenar.edu.co/) Currently, 25.3% of the company’s stock is being sold short. With an average daily volume of 5,600,000 shares, the days-to-cover ratio stands at 5.3 days.
Financial analysts from Wall Street have shared their insights regarding Enovix Co. (ENVX). Robert W. Baird raised their price objective on the company from $64.00 to $67.00 in a recent research report on May 5th. Piper Sandler also increased their price objective from $22.50 to $25.00 and assigned Enovix an “overweight” rating in their research report on February 23rd. EF Hutton Acquisition Co. I reaffirmed their “buy” rating and set a $18.00 price target on Enovix shares in their research report on March 29th. Additionally, Cantor Fitzgerald reaffirmed an “overweight” rating and assigned a $25.00 price target, while JPMorgan Chase & Co. raised their price target from $16.00 to $18.00 in separate research reports on Enovix. According to STA Research data, twelve research analysts have rated Enovix’s stock as a “Strong Buy,” with a consensus price target of $20.63.
Enovix stock (ENVX) experienced a decrease of 1.3%, opening at $12.56 on Friday. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -8.66, and a beta of 1.18. Its 50-day moving average price is $12.13, while the 200-day moving average price is $11.19. Over the past twelve months, Enovix shares have traded between a low of $6.50 and a high of $26.30.
On February 22nd, Enovix announced its quarterly earnings results, reporting an EPS (earnings per share) of ($0.38) for the quarter. Which fell short of analysts’ consensus estimates of ($0.21) by ($0.17). The company’s net margin was reported at a negative 2,698.57%, and it had a negative return on equity of 43.30%. Enovix generated $1.09 million in revenue for the quarter, surpassing the consensus estimate of $0.91 million.
Various hedge funds and institutional investors have recently adjusted their positions in Enovix. Endurance Wealth Management Inc. acquired a new position in the company during the fourth quarter, valued at approximately $25,000. Belpointe Asset Management LLC purchased a stake in Enovix during the same period, also valued at around $25,000. Macquarie Group Ltd. bought Enovix shares in the third quarter, worth roughly $26,000. Similarly, Quantbot Technologies LP acquired Enovix shares in the second quarter, valued at approximately $26,000. Lastly, Capital Advisors Inc. OK purchased a stake in Enovix during the first quarter, totaling around $40,000.
ENVX Stock Analysis & Forecast
According to forecasts from 9 analysts, Enovix Corp is expected to reach an average target price of USD 20.63 in the next 12 months. The analysts have given the stock an average rating of Strong Buy. Stock Target Advisor, however, has conducted its own analysis and considers Enovix Corp’s stock to be slightly bearish, based on 3 positive signals and 5 negative signals. As of the last closing, Enovix Corp’s stock price stood at USD 12.56. In the past week, the stock price has experienced a decrease of -0.63%, while over the past month it has declined by -8.19%. However, looking at the longer term, the stock price has shown a significant increase of +43.05% over the last year.
