Enovix (NASDAQ:ENVX) Trading 6.2% Higher – Here’s What Happened

Enovix Co. (NASDAQ:ENVX) shares were up 6.2% during trading on Monday . The stock traded as high as $9.93 and last traded at $9.82. Approximately 1,188,132 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 5,556,333 shares. The stock had previously closed at $9.25.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Oppenheimer reissued an “outperform” rating and set a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The company has a market cap of $1.82 billion, a P/E ratio of -6.74 and a beta of 1.99. The firm has a 50 day moving average price of $10.05 and a 200-day moving average price of $11.32.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter in the prior year, the business earned ($0.27) earnings per share. On average, research analysts predict that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ENVX. Arizona State Retirement System increased its stake in Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after acquiring an additional 905 shares during the period. Blue Trust Inc. grew its stake in shares of 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 purchasing an additional 957 shares during the period. Voisard Asset Management Group Inc. raised its holdings in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after buying an additional 1,367 shares during the period. Finally, Clear Creek Financial Management LLC boosted its stake in Enovix by 3.0% in the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after buying an additional 1,400 shares in the last quarter. 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.