Enovix (NASDAQ:ENVX) Trading Up 3.9% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s share price rose 3.9% during mid-day trading on Thursday . The stock traded as high as $11.04 and last traded at $10.93. Approximately 988,942 shares traded hands during trading, a decline of 82% from the average daily volume of 5,434,890 shares. The stock had previously closed at $10.52.

Wall Street Analyst Weigh In

ENVX has been the subject of several research analyst reports. Craig Hallum raised their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday. Piper Sandler restated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. TD Cowen raised their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, Benchmark started coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $21.67.

Enovix Trading Down 4.3 %

The stock has a market cap of $1.84 billion, a P/E ratio of -6.51 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock has a 50-day moving average price of $10.05 and a 200-day moving average price of $10.97.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, equities research analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Insider Activity at Enovix

In related 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 transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

A number of large investors have recently modified their holdings of ENVX. Wellington Management Group LLP raised its holdings in shares of Enovix by 8.2% during the 4th quarter. Wellington Management Group LLP now owns 628,712 shares of the company’s stock valued at $7,871,000 after buying an additional 47,853 shares in the last quarter. Vanguard Group Inc. increased its stake in Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares during the period. Wealthcare Advisory Partners LLC increased its stake in Enovix by 36.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after purchasing an additional 3,936 shares during the period. Udine Wealth Management Inc. increased its stake in Enovix by 1.9% in the 1st quarter. Udine Wealth Management Inc. now owns 137,314 shares of the company’s stock worth $1,100,000 after purchasing an additional 2,601 shares during the period. Finally, tru Independence LLC increased its stake in Enovix by 0.6% in the 1st quarter. tru Independence LLC now owns 303,435 shares of the company’s stock worth $2,431,000 after purchasing an additional 1,712 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.