Enovix (NASDAQ:ENVX) Shares Up 0.5%

Enovix Co. (NASDAQ:ENVX) shares rose 0.5% on Monday . The stock traded as high as $9.72 and last traded at $9.60. 703,537 shares were traded during trading, a decline of 87% from the average daily volume of 5,393,543 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ENVX. Canaccord Genuity Group raised their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. B. Riley raised Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Craig Hallum upped their price target on Enovix from $15.00 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix currently has an average rating of “Buy” and a consensus target price of $21.33.

Enovix Price Performance

The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.60 billion, a PE ratio of -7.16 and a beta of 1.99. The firm’s 50-day moving average price is $10.53 and its two-hundred day moving average price is $10.53.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate 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%. On average, equities analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the 2nd quarter valued at $39,000. Able Wealth Management LLC acquired a new stake in shares of Enovix during the fourth quarter worth about $34,000. Finally, Voisard Asset Management Group Inc. acquired a new position in Enovix in the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.