Enovix (NASDAQ:ENVX) Trading 3.9% Higher – What’s Next?

Shares of Enovix Co. (NASDAQ:ENVX) were up 3.9% during mid-day trading on Thursday . The stock traded as high as $11.04 and last traded at $10.93. Approximately 988,942 shares traded hands during trading, a decline of 82% from the average daily volume of 5,434,890 shares. The stock had previously closed at $10.52.

Analysts Set New Price Targets

Several equities analysts have recently commented on ENVX shares. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Craig Hallum upped their target price on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday. TD Cowen upped their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Benchmark initiated coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $21.67.

Enovix Trading Up 4.1 %

The stock’s fifty day simple moving average is $10.03 and its 200-day simple moving average is $10.95. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. Equities analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently made changes to their positions in the business. Driehaus Capital Management LLC lifted its stake 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 acquiring an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after purchasing an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after acquiring an additional 513,508 shares during the last quarter. Old West Investment Management LLC boosted its stake in shares of Enovix by 47.6% during 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 last quarter. Finally, Refined Wealth Management grew its stake in Enovix by 42.5% in the 1st quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after acquiring an additional 136,758 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.