Enovix (NASDAQ:ENVX) Trading Up 2.8%

Enovix Co. (NASDAQ:ENVX) rose 2.8% during mid-day trading on Thursday . The stock traded as high as $18.15 and last traded at $17.99. Approximately 1,950,218 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 5,343,482 shares. The stock had previously closed at $17.50.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of recent research reports. Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. William Blair restated an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Enovix in a research note on Thursday, June 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $18.33.

Enovix Stock Performance

The stock’s 50 day simple moving average is $11.90 and its two-hundred day simple moving average is $10.25. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The stock has a market cap of $3.02 billion, a P/E ratio of -13.43 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The firm had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. As a group, research analysts forecast that Enovix Co. will post -1.15 EPS for the current year.

Insider Activity

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 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 sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares during the period. Vanguard Group Inc. grew its stake in shares of Enovix by 9.5% in the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after acquiring an additional 1,072,508 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Enovix in the 3rd quarter worth about $7,290,000. Electron Capital Partners LLC boosted its holdings in Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the period. Finally, Masters Capital Management LLC grew its position in shares of Enovix by 18.2% during the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after purchasing an additional 200,000 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

About Enovix

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.