Enovix (NASDAQ:ENVX) Stock Price Up 7.5% – Here’s What Happened

Enovix Co. (NASDAQ:ENVX) was up 7.5% on Thursday . The stock traded as high as $11.78 and last traded at $11.69. Approximately 2,020,928 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 5,619,786 shares. The stock had previously closed at $10.87.

Analyst Ratings Changes

Several brokerages have recently commented on ENVX. JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Up 9.7 %

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 stock has a market capitalization of $2.12 billion, a P/E ratio of -7.40 and a beta of 1.94. The stock has a 50 day moving average price of $9.56 and a 200-day moving average price of $11.13.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to the consensus estimate 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 firm earned ($0.27) EPS. As a group, research analysts expect that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in ENVX. Driehaus Capital Management LLC increased its stake in 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 in the last quarter. Fred Alger Management LLC grew its position in shares of Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock worth $5,498,000 after purchasing an additional 565,698 shares in the last quarter. Old West Investment Management LLC lifted its holdings in Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after purchasing an additional 269,371 shares in the last quarter. Sora Investors LLC raised its position in shares of Enovix by 75.0% during the third quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock valued at $4,904,000 after buying an additional 225,000 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Enovix by 376.9% during the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after buying an additional 199,166 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.