Enovix (NASDAQ:ENVX) Trading Up 2.1%

Enovix Co. (NASDAQ:ENVX)’s stock price was up 2.1% during trading on Monday . The company traded as high as $16.97 and last traded at $16.33. Approximately 2,137,986 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 5,323,484 shares. The stock had previously closed at $16.00.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ENVX shares. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research note on Thursday, June 27th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Enovix presently has an average rating of “Buy” and an average target price of $18.33.

Enovix Stock Up 1.6 %

The firm has a market cap of $2.98 billion, a PE ratio of -12.81 and a beta of 2.04. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The company’s 50-day simple moving average is $11.68 and its two-hundred day simple moving average is $10.20.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The business had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. On average, analysts predict that Enovix Co. will post -1.15 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Electron Capital Partners LLC raised its holdings in shares of 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 last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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 valued at $11,518,000 after purchasing an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC raised its holdings in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Enovix by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the last quarter. 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.