Enovix (NASDAQ:ENVX) Stock Price Up 2.4% – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s share price rose 2.4% during mid-day trading on Friday . The stock traded as high as $12.03 and last traded at $11.97. Approximately 929,528 shares traded hands during trading, a decline of 83% from the average daily volume of 5,447,153 shares. The stock had previously closed at $11.69.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ENVX. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Craig Hallum increased their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Trading Up 9.4 %

The business’s 50-day moving average price is $9.92 and its 200-day moving average price is $10.74. The firm has a market capitalization of $2.17 billion, a PE ratio of -9.54 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.85 million. As a group, analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Enovix

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake 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 worth $104,881,000 after purchasing an additional 164,717 shares during the last quarter. 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. boosted its holdings in shares of 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 in the last quarter. Masters Capital Management LLC raised its holdings in Enovix by 3.8% during 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 in the last quarter. Finally, Old West Investment Management LLC raised its holdings in Enovix by 47.6% during the second 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 in the last quarter. 50.92% of the stock is 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.