Enovix (NASDAQ:ENVX) Trading Down 1.1%

Enovix Co. (NASDAQ:ENVX) dropped 1.1% during trading on Tuesday . The stock traded as low as $8.33 and last traded at $8.35. Approximately 1,101,932 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 5,429,616 shares. The stock had previously closed at $8.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ENVX shares. TD Cowen increased their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Benchmark started coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Canaccord Genuity Group upped their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Trading Up 3.7 %

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -6.23 and a beta of 1.99. 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 business has a fifty day simple moving average of $11.13 and a 200 day simple moving average of $10.52.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The business 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%. As a group, research analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in shares of Enovix in the 2nd quarter valued at approximately $1,867,000. Strategic Investment Solutions Inc. IL acquired a new position in Enovix during the 2nd quarter worth approximately $39,000. Cetera Investment Advisers increased its position in Enovix by 81.5% during the 2nd quarter. Cetera Investment Advisers now owns 89,228 shares of the company’s stock worth $1,379,000 after purchasing an additional 40,055 shares in the last quarter. Creative Planning increased its position in Enovix by 53.7% during the 2nd quarter. Creative Planning now owns 33,084 shares of the company’s stock worth $511,000 after purchasing an additional 11,554 shares in the last quarter. Finally, Algert Global LLC acquired a new position in Enovix during the 2nd quarter worth approximately $223,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.