Enovix (NASDAQ:ENVX) Trading Up 3%

Enovix Co. (NASDAQ:ENVX) was up 3% on Wednesday . The company traded as high as $14.68 and last traded at $14.52. Approximately 1,520,662 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 5,307,759 shares. The stock had previously closed at $14.10.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.17.

Enovix Price Performance

The company’s fifty day moving average is $13.84 and its 200 day moving average is $10.64. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -10.75 and a beta of 2.04. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The business had revenue of $5.27 million for the quarter, compared to analyst estimates of $4.16 million. On average, equities research analysts predict that Enovix Co. will post -1.14 EPS for the current year.

Insider Buying and Selling

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the 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 in the company, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in 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 acquiring an additional 164,717 shares during the period. Electron Capital Partners LLC grew its holdings in Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 last quarter. Masters Capital Management LLC boosted its stake in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.