Enovix (NASDAQ:ENVX) Trading Up 4%

Enovix Co. (NASDAQ:ENVX)’s stock price was up 4% during mid-day trading on Friday . The company traded as high as $6.28 and last traded at $6.25. Approximately 1,176,576 shares traded hands during trading, a decline of 73% from the average daily volume of 4,412,299 shares. The stock had previously closed at $6.01.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Enovix Stock Performance

The firm has a market capitalization of $1.05 billion, a PE ratio of -3.93 and a beta of 1.62. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The business’s fifty day simple moving average is $8.87 and its 200-day simple moving average is $10.29.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. As a group, equities research analysts expect that Enovix Co. will post -1.13 EPS for the current year.

Insider Transactions at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Hedge funds have recently bought and sold shares of the business. Macquarie Group Ltd. purchased a new stake in shares of Enovix during the 3rd quarter valued at about $26,000. Quantbot Technologies LP bought a new position in shares of Enovix during the 2nd quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC bought a new stake in Enovix in the third quarter worth $31,000. Beacon Capital Management LLC lifted its position in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the last quarter. Finally, Carmel Capital Partners LLC purchased a new position in Enovix during the third quarter worth $34,000. Hedge funds and other 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.