Enovix (NASDAQ:ENVX) Shares Up 0.3% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s share price traded up 0.3% during trading on Tuesday . The company traded as high as $11.52 and last traded at $11.49. 539,386 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,447,519 shares. The stock had previously closed at $11.46.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. Benchmark started coverage on shares of Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Canaccord Genuity Group raised their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, TD Cowen lifted their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $21.67.

Enovix Price Performance

The stock has a market cap of $1.79 billion, a PE ratio of -7.85 and a beta of 1.98. The stock’s fifty day moving average is $10.03 and its 200-day moving average is $10.95. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. As a group, equities analysts anticipate that Enovix Co. will post -1.21 EPS for the current 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 shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its stake in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. Beacon Capital Management LLC lifted its stake in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after acquiring an additional 1,798 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Enovix in the 2nd quarter valued at about $39,000. Finally, Voisard Asset Management Group Inc. increased its stake in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the period. 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.