Enovix (NASDAQ:ENVX) Trading Up 5.1% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s share price rose 5.1% during mid-day trading on Thursday . The stock traded as high as $11.79 and last traded at $11.66. Approximately 2,104,041 shares were traded during trading, a decline of 62% from the average daily volume of 5,477,049 shares. The stock had previously closed at $11.09.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ENVX shares. Canaccord Genuity Group lifted their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Craig Hallum boosted their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. TD Cowen increased their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Benchmark began coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Oppenheimer reiterated an “outperform” rating and set a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.33.

Enovix Stock Up 0.2 %

The stock has a fifty day moving average of $9.98 and a two-hundred day moving average of $10.85. 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 has a market cap of $1.95 billion, a price-to-earnings ratio of -8.54 and a beta of 1.98.

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

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction 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 approximately $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC raised its stake in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Enovix by 2,228.5% during the 1st 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. Vanguard Group Inc. increased its stake in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the period. 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 buying an additional 269,371 shares in the last quarter. Finally, Refined Wealth Management increased its position in shares of Enovix by 42.5% during the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after acquiring an additional 136,758 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.