Enhanced Group (NYSE:ENHA) Sees Large Increase in Short Interest

Key Points

• Short interest surged 64.6% to 2.92 million shares as of September 30, representing about 3.8% of Enhanced Group’s outstanding shares and 3.4 days of average trading volume.
• ENHA shares opened at $1.28, near the lower end of their $1.06–$14.00 one-year range, with a market capitalization of approximately $498 million and a negative price-to-earnings ratio.
• The company announced a 1-for-10 reverse stock split effective October 28. Analyst views remain mixed, with a consensus “Hold” rating and a $4.50 target price.

Enhanced Group (NYSE:ENHA - Get Free Report) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 2,922,431 shares, an increase of 64.6% from the September 15th total of 1,774,938 shares. Approximately 3.8% of the company's shares are sold short. Based on an average daily volume of 870,232 shares, the short-interest ratio is presently 3.4 days.

Enhanced Group Stock Performance

Shares of NYSE ENHA opened at $1.28 on Friday. The business has a fifty day moving average of $1.60. The firm has a market cap of $498.34 million, a price-to-earnings ratio of -2.92 and a beta of -1.70. Enhanced Group has a 1-year low of $1.06 and a 1-year high of $14.00.

Enhanced Group shares are scheduled to reverse split on the morning of Wednesday, October 28th. The 1-10 reverse split was announced on Monday, September 28th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, October 27th.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ENHA. Weiss Ratings raised shares of Enhanced Group from a "sell (e)" rating to a "sell (e+)" rating in a report on Friday, September 25th. Wall Street Zen downgraded Enhanced Group to a "strong sell" rating in a research note on Saturday, August 1st. Cantor Fitzgerald started coverage on Enhanced Group in a report on Wednesday, September 23rd. They set an "overweight" rating and a $4.00 target price on the stock. Finally, Canaccord Genuity Group reduced their target price on Enhanced Group from $6.00 to $5.00 and set a "buy" rating on the stock in a report on Monday, August 17th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $4.50.

About Enhanced Group

We are a blank check company incorporated in the British Virgin Islands as a business company with limited liability and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

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