Enovix (NASDAQ:ENVX) Trading 5.8% Higher – Here’s What Happened

Enovix Co. (NASDAQ:ENVX)’s stock price traded up 5.8% on Thursday . The stock traded as high as $11.42 and last traded at $11.40. 2,675,972 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 8,937,021 shares. The stock had previously closed at $10.78.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Performance

The company has a market capitalization of $1.96 billion, a PE ratio of -6.90 and a beta of 1.86. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock’s fifty day simple moving average is $9.98 and its 200-day simple moving average is $11.02.

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

Insider Buying and Selling

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in ENVX. Rhumbline Advisers increased its stake in Enovix by 13.7% during the second quarter. Rhumbline Advisers now owns 221,966 shares of the company’s stock worth $3,432,000 after acquiring an additional 26,724 shares during the last quarter. Perennial Investment Advisors LLC grew its holdings in shares of Enovix by 99.7% during the 2nd quarter. Perennial Investment Advisors LLC now owns 36,200 shares of the company’s stock worth $560,000 after purchasing an additional 18,075 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Enovix during the 2nd quarter worth approximately $163,000. XTX Topco Ltd acquired a new position in Enovix during the second quarter valued at approximately $820,000. Finally, Sei Investments Co. acquired a new stake in shares of Enovix in the second quarter worth $555,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.