Enovix (NASDAQ:ENVX) Shares Up 4.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group lifted their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. cut their target price 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. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Trading Up 3.0 %

The company has a 50 day moving average of $9.96 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 firm has a market cap of $1.60 billion, a price-to-earnings ratio of -5.43 and a beta of 1.99.

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

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

Institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC lifted its holdings in Enovix by 19.2% during the first quarter. Janney Montgomery Scott LLC now owns 116,746 shares of the company’s stock worth $935,000 after acquiring an additional 18,767 shares during the period. SG Americas Securities LLC grew its position in Enovix by 439.8% during the first quarter. SG Americas Securities LLC now owns 116,662 shares of the company’s stock worth $934,000 after buying an additional 95,049 shares in the last quarter. Swiss National Bank grew its position in Enovix by 5.0% in the first quarter. Swiss National Bank now owns 281,600 shares of the company’s stock worth $2,256,000 after acquiring an additional 13,400 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Enovix by 14.8% during the first quarter. Avantax Advisory Services Inc. now owns 26,187 shares of the company’s stock valued at $210,000 after acquiring an additional 3,384 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Enovix by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,915 shares of the company’s stock valued at $200,000 after acquiring an additional 1,960 shares during the last quarter. Institutional investors and hedge funds 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.