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

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

Analyst Ratings Changes

Several research firms recently commented on ENVX. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. 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, Enovix has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Price Performance

The firm has a fifty day moving average of $9.98 and a 200 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 P/E ratio of -5.27 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period in the previous year, the business posted ($0.27) earnings per share. On average, equities research analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 15.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. grew its position in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the period. GAMMA Investing LLC increased 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 worth $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix in the second quarter worth about $39,000. Prospera Private Wealth LLC purchased a new position in shares of Enovix during the 3rd quarter valued at about $27,000. Finally, Beacon Capital Management LLC grew its stake in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

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.