Enovix (NASDAQ:ENVX) Stock Price Up 11.5%

Enovix Co. (NASDAQ:ENVX) rose 11.5% during trading on Thursday . The stock traded as high as $12.17 and last traded at $12.12. Approximately 4,687,331 shares changed hands during trading, a decline of 15% from the average daily volume of 5,493,716 shares. The stock had previously closed at $10.87.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Piper Sandler restated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. Finally, William Blair restated an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $19.50.

Enovix Stock Down 11.4 %

The company has a quick ratio of 4.77, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a 50-day simple moving average of $13.94 and a two-hundred day simple moving average of $10.70. The stock has a market cap of $1.86 billion, a P/E ratio of -7.88 and a beta of 2.04.

Insider Buying and Selling at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. raised its holdings in shares of Enovix by 68.7% during the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock valued at $1,886,000 after acquiring an additional 61,327 shares in the last quarter. Victory Capital Management Inc. grew its stake in Enovix by 29.3% in the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock worth $231,000 after purchasing an additional 4,170 shares during the period. Vanguard Group Inc. grew its stake in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the period. Electron Capital Partners LLC grew its stake in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after purchasing an additional 171,635 shares during the period. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.