Enovix (NASDAQ:ENVX) Shares Gap Up on Earnings Beat

Shares of Enovix Co. (NASDAQ:ENVX) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $10.63, but opened at $11.60. Enovix shares last traded at $10.63, with a volume of 1,621,649 shares.

The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same quarter in the previous year, the business earned ($0.27) EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ENVX. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Craig Hallum raised their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Piper Sandler reissued an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. One Wealth Advisors LLC acquired a new position in shares of Enovix during the third quarter worth $700,000. Vanguard Group Inc. grew its stake in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares during the period. Scientech Research LLC acquired a new position in shares of Enovix in the second quarter valued at approximately $834,000. Finally, Wealth Effects LLC grew its position in Enovix by 55.6% in the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after buying an additional 81,801 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 14.1 %

The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -5.59 and a beta of 1.98. The business’s 50 day moving average price is $10.06 and its 200-day moving average price is $11.05.

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.