Enovix (NASDAQ:ENVX) Trading Up 5.8% – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s stock price rose 5.8% during mid-day trading on Thursday . The company traded as high as $11.42 and last traded at $11.40. Approximately 2,675,972 shares changed hands during trading, a decline of 70% from the average daily volume of 8,937,021 shares. The stock had previously closed at $10.78.

Wall Street Analysts Forecast Growth

ENVX has been the subject of a number of research reports. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Down 2.1 %

The stock has a market cap of $1.91 billion, a P/E ratio of -6.66 and a beta of 1.86. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm’s fifty day moving average is $10.05 and its 200 day moving average is $10.99.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the previous year, the firm posted ($0.27) EPS. As a group, equities research analysts forecast that Enovix Co. will post -1.17 EPS for the current year.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC lifted its position in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Enovix by 5.4% during the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock worth $11,479,000 after purchasing an additional 73,320 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares in the last quarter. Finally, Old West Investment Management LLC lifted its position in shares of Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after purchasing an additional 102,452 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.