Enovix (NASDAQ:ENVX) Trading Up 2.1%

Enovix Co. (NASDAQ:ENVXGet Free Report)’s stock price was up 2.1% on Monday . The stock traded as high as $16.97 and last traded at $16.33. Approximately 2,137,986 shares were traded during trading, a decline of 60% from the average daily volume of 5,323,484 shares. The stock had previously closed at $16.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ENVX shares. B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Thursday, June 27th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Finally, Craig Hallum cut their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $18.33.

View Our Latest Report on Enovix

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The firm’s 50 day simple moving average is $11.68 and its 200-day simple moving average is $10.20. The company has a market cap of $2.98 billion, a price-to-earnings ratio of -12.81 and a beta of 2.04.

Enovix (NASDAQ:ENVXGet Free Report) last announced its 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). 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, sell-side analysts predict that Enovix Co. will post -1.15 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ENVX. Beacon Capital Management LLC boosted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Able Wealth Management LLC acquired a new position in Enovix in the fourth quarter valued at about $34,000. GAMMA Investing LLC lifted its position in Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares during the last quarter. Quest Partners LLC acquired a new position in Enovix in the fourth quarter valued at about $49,000. Finally, Voisard Asset Management Group Inc. acquired a new position in Enovix in the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

About Enovix

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Enovix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Enovix and related companies with MarketBeat.com's FREE daily email newsletter.