Enovix Corp. (NASDAQ:ENVX) shares are surging Monday.

The tech-heavy Nasdaq rose 0.47% during Monday's session, while the S&P 500 gained 0.36%.

Reports Of AR Partnership

Traders are also monitoring unconfirmed reports from the r/augmentedreality subreddit. A post claimed a strategic partnership between Meta-Bounds and Enovix. The post claimed a 61% increase in overall battery life for lightweight AR glasses was showcased at a recent industry seminar.

Meta-Bounds and Enovix did not immediately respond to Benzinga's request for comment.

Short Interest Numbers Shift

Benzinga data shows that short interest in Enovix recently decreased. Total shorted shares fell from 58.89 million to 58.24 million. Currently, 34.87% of the float remains short. Traders note it would take 9.42 days for shorts to cover their positions.

Strong Recent Earnings Performance

In February, Enovix reported revenue of $11.27 million, beating the $10.27 million estimate. The company posted an adjusted loss of 14 cents per share. This outperformed analyst expectations of an 18-cent loss per share.

Enovix expects first-quarter revenue to be in the range of $6.5 million to $7.5 million versus estimates of $8.34 million, according to Benzinga Pro. The company also guided for an adjusted loss of 14 cents to 18 cents per share, versus estimates for a loss of 16 cents per share.

ENVX Price Action: Enovix shares were up 13.44% at $5.735 at the time of publication on Monday, according to Benzinga Pro data.

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