Enovix (NASDAQ:ENVX) Trading Up 5.9% – Here’s What Happened

Enovix Co. (NASDAQ:ENVX)’s share price rose 5.9% during trading on Tuesday . The stock traded as high as $8.84 and last traded at $8.83. Approximately 1,188,611 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 5,623,426 shares. The stock had previously closed at $8.34.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Canaccord Genuity Group increased their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, TD Cowen boosted their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Up 8.4 %

The stock has a 50-day moving average price of $9.99 and a 200-day moving average price of $11.15. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a market capitalization of $1.61 billion, a P/E ratio of -5.52 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the firm posted ($0.27) EPS. On average, research analysts predict that Enovix Co. will post -1.2 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Enovix by 16.4% in the 1st quarter. Principal Financial Group Inc. now owns 18,645 shares of the company’s stock valued at $149,000 after purchasing an additional 2,633 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Enovix by 19.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 116,746 shares of the company’s stock valued at $935,000 after acquiring an additional 18,767 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Enovix during the 1st quarter valued at about $216,000. Finally, Clarity Capital Partners LLC increased its holdings in Enovix by 5.0% during the 1st quarter. Clarity Capital Partners LLC now owns 137,818 shares of the company’s stock worth $1,104,000 after purchasing an additional 6,578 shares in the last quarter. Institutional investors and hedge funds 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.