Enovix (NASDAQ:ENVX) Stock Price Up 31%

Enovix Co. (NASDAQ:ENVX) was up 31% during mid-day trading on Tuesday . The company traded as high as $15.89 and last traded at $15.77. Approximately 12,850,892 shares changed hands during trading, an increase of 154% from the average daily volume of 5,061,704 shares. The stock had previously closed at $12.04.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ENVX shares. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $18.33.

Enovix Price Performance

The stock’s 50-day moving average is $9.97 and its 200 day moving average is $10.09. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The company has a market cap of $2.56 billion, a PE ratio of -11.22 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. On average, equities analysts anticipate that Enovix Co. will post -1.15 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Beacon Capital Management LLC grew its position in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the period. Able Wealth Management LLC acquired a new stake in shares of Enovix in the fourth quarter valued at about $34,000. Quest Partners LLC acquired a new stake in shares of Enovix in the fourth quarter valued at about $49,000. Voisard Asset Management Group Inc. acquired a new stake in shares of Enovix in the fourth quarter valued at about $50,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Enovix by 106.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,866 shares of the company’s stock valued at $111,000 after purchasing an additional 4,569 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.