Enovix (NASDAQ:ENVX) Trading 4.7% Higher

Enovix Co. (NASDAQ:ENVX) rose 4.7% during trading on Tuesday . The company traded as high as $8.03 and last traded at $7.97. Approximately 4,933,539 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 5,386,358 shares. The stock had previously closed at $7.61.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. TD Cowen upped their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Craig Hallum lifted their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Enovix presently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock’s fifty day moving average price is $12.43 and its 200 day moving average price is $10.55.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Research analysts expect that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was 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 in the company, valued at approximately $98,686.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Driehaus Capital Management LLC grew its position in shares of Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Enovix by 2,228.5% during the first 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 in the last quarter. Electron Capital Partners LLC grew its stake in shares of Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares during the last quarter. Vanguard Group Inc. increased its position in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after buying an additional 513,508 shares in the last quarter. Finally, Old West Investment Management LLC raised its stake in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.