Enovix (NASDAQ:ENVX) Trading Up 1.8%

Enovix Co. (NASDAQ:ENVX) rose 1.8% during trading on Tuesday . The stock traded as high as $15.53 and last traded at $15.53. Approximately 1,304,803 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 5,349,362 shares. The stock had previously closed at $15.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Craig Hallum reduced their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a research report on Thursday, June 27th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $19.17.

Enovix Stock Up 5.6 %

The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The firm has a 50 day simple moving average of $13.16 and a 200-day simple moving average of $10.49. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of -11.77 and a beta of 2.04.

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

Insider Buying and Selling at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of large investors have recently modified their holdings of ENVX. Vanguard Group Inc. raised its position in Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Electron Capital Partners LLC lifted its stake 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 acquiring an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Enovix by 2,228.5% in 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 acquiring an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC increased its position in Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after purchasing an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Enovix by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after purchasing an additional 55,157 shares during 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.