Enovix (NASDAQ:ENVX) Stock Price Up 0.7%

Enovix Co. (NASDAQ:ENVX)’s share price shot up 0.7% during mid-day trading on Monday . The stock traded as high as $15.66 and last traded at $15.57. 880,026 shares changed hands during trading, a decline of 83% from the average session volume of 5,300,678 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

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

Enovix Stock Down 6.0 %

The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The firm has a 50 day simple moving average of $10.70 and a two-hundred day simple moving average of $10.12. The company has a market capitalization of $2.41 billion, a PE ratio of -10.59 and a beta of 2.04.

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

Insiders Place Their Bets

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, 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 is available at this hyperlink. In other Enovix news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC grew its holdings in Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after buying an additional 910 shares during the last quarter. Beacon Capital Management LLC boosted its stake in shares of Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Insight Advisors LLC PA increased its position in Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after purchasing an additional 1,370 shares in the last quarter. Scotia Capital Inc. raised its stake in Enovix by 7.7% in the 3rd quarter. Scotia Capital Inc. now owns 19,680 shares of the company’s stock valued at $247,000 after purchasing an additional 1,410 shares during the last quarter. Finally, tru Independence LLC lifted its holdings in Enovix by 0.6% in the 1st quarter. tru Independence LLC now owns 303,435 shares of the company’s stock valued at $2,431,000 after purchasing an additional 1,712 shares in the last quarter. 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.