Enovix (NASDAQ:ENVX) Trading Up 4.7% – What’s Next?

Enovix Co. (NASDAQ:ENVX) shares were up 4.7% during mid-day trading on Thursday . The company traded as high as $9.28 and last traded at $9.16. Approximately 1,707,574 shares changed hands during trading, a decline of 70% from the average daily volume of 5,640,319 shares. The stock had previously closed at $8.75.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Thursday, October 31st. Craig Hallum raised their price objective on shares of Enovix from $15.00 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 set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. TD Cowen increased their target price on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating, eight have given 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 a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Price Performance

The firm has a fifty day moving average of $9.98 and a two-hundred day moving average of $11.26. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.51 billion, a PE ratio of -5.27 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. Research analysts anticipate that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the period. Geode Capital Management LLC raised its position in shares of Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after acquiring an additional 182,757 shares in the last quarter. Masters Capital Management LLC lifted 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 period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after purchasing an additional 73,320 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.