Enovix (NASDAQ:ENVX) Trading 0.1% Higher

Enovix Co. (NASDAQ:ENVX) shares rose 0.1% on Thursday . The stock traded as high as $9.97 and last traded at $9.82. Approximately 615,951 shares were traded during trading, a decline of 89% from the average daily volume of 5,398,945 shares. The stock had previously closed at $9.81.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Craig Hallum lifted their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, Benchmark initiated coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enovix currently has an average rating of “Buy” and an average price target of $21.33.

Enovix Price Performance

The business has a fifty day moving average price of $13.56 and a 200 day moving average price of $10.73. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.45 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, research analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

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