Enovix (NASDAQ:ENVX) Trading Up 6.5% – What’s Next?

Enovix Co. (NASDAQ:ENVX) shares were up 6.5% during mid-day trading on Wednesday . The stock traded as high as $9.27 and last traded at $9.21. Approximately 2,180,686 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 5,579,715 shares. The stock had previously closed at $8.65.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. 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 report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Trading Down 6.1 %

The company has a market cap of $1.45 billion, a price-to-earnings ratio of -5.04 and a beta of 1.94. The firm has a fifty day moving average price of $9.91 and a 200 day moving average price of $11.24. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates 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 last year, the company posted ($0.27) earnings per share. As a group, equities analysts predict that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction 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 ownership of the stock. 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

Several institutional investors and hedge funds have recently made changes to their positions in the company. Driehaus Capital Management LLC raised 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 purchasing an additional 1,512,424 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Enovix by 5.4% in the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after buying an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Enovix by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after buying an additional 73,320 shares during the period. Stifel Financial Corp grew its position in Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after buying an additional 55,094 shares in the last quarter. Finally, Old West Investment Management LLC increased its stake in Enovix by 12.3% during the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after acquiring an additional 102,452 shares during the period. 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.