Enovix Co. (NASDAQ:ENVX – Get Rating) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 18,278 call options on the company. This represents an increase of 123% compared to the average daily volume of 8,195 call options.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Enovix in a report on Friday, August 5th. They issued an “overweight” rating and a $20.00 price target on the stock. Northland Securities boosted their price target on shares of Enovix from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Thursday, August 11th. Craig Hallum upped their target price on shares of Enovix from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, August 11th. Cowen upped their target price on shares of Enovix from $19.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, August 24th. Finally, Loop Capital upped their target price on shares of Enovix from $50.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Enovix currently has an average rating of “Buy” and a consensus price target of $39.38.
Enovix Stock Performance
NASDAQ ENVX traded up $0.87 during trading hours on Wednesday, reaching $19.83. 123,193 shares of the company’s stock were exchanged, compared to its average volume of 6,653,020. The company’s 50-day moving average is $15.11 and its two-hundred day moving average is $13.13. Enovix has a one year low of $7.26 and a one year high of $39.48. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of -19.50 and a beta of 1.96.
Enovix (NASDAQ:ENVX – Get Rating) last issued its quarterly earnings results on Wednesday, August 10th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. During the same quarter in the prior year, the firm earned ($0.21) EPS. Research analysts predict that Enovix will post -0.77 earnings per share for the current fiscal year.
Insider Buying and Selling at Enovix
In other news, CTO Ashok Lahiri sold 3,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $20.00, for a total value of $60,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,401,993 shares in the company, valued at $28,039,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Ashok Lahiri sold 3,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $20.00, for a total value of $60,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,401,993 shares in the company, valued at $28,039,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gardner Cameron Dales sold 10,000 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the sale, the insider now owns 989,565 shares of the company’s stock, valued at $19,791,300. The disclosure for this sale can be found here. Insiders sold 70,000 shares of company stock worth $1,050,980 over the last ninety days. 20.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Enovix
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its holdings in Enovix by 50.6% during the 1st quarter. Arizona State Retirement System now owns 17,668 shares of the company’s stock valued at $252,000 after purchasing an additional 5,940 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Enovix by 20.8% during the first quarter. National Bank of Canada FI now owns 8,040 shares of the company’s stock worth $114,000 after buying an additional 1,385 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Enovix during the first quarter worth $264,000. Fort Sheridan Advisors LLC lifted its holdings in shares of Enovix by 20.3% during the first quarter. Fort Sheridan Advisors LLC now owns 13,909 shares of the company’s stock worth $198,000 after buying an additional 2,348 shares in the last quarter. Finally, Vista Capital Partners Inc. acquired a new stake in shares of Enovix during the first quarter worth $702,000. 61.75% of the stock is owned by institutional investors.
Enovix Company Profile
Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.