Enovix (NASDAQ:ENVX) Trading 4.2% Higher

Enovix Co. (NASDAQ:ENVX) was up 4.2% during trading on Friday . The stock traded as high as $9.87 and last traded at $9.72. Approximately 1,055,982 shares changed hands during trading, a decline of 80% from the average daily volume of 5,406,959 shares. The stock had previously closed at $9.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ENVX shares. Canaccord Genuity Group raised their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. TD Cowen boosted their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The business’s fifty day simple moving average is $10.65 and its 200-day simple moving average is $10.50. The company has a market capitalization of $1.63 billion, a P/E ratio of -7.25 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.

Enovix (NASDAQ:ENVX) last announced 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. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. As a group, equities analysts anticipate that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Driehaus Capital Management LLC increased its holdings in shares of 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 buying an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Electron Capital Partners LLC raised its position in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the period. Vanguard Group Inc. lifted its stake in shares of Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after purchasing an additional 513,508 shares during the last quarter. Finally, Old West Investment Management LLC boosted its holdings in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after purchasing an additional 269,371 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.