Enovix Co. (NASDAQ:ENVX – Get Free Report)’s stock price was up 4.9% during trading on Tuesday . The stock traded as high as $7.72 and last traded at $7.69. Approximately 1,889,652 shares changed hands during trading, a decline of 58% from the average daily volume of 4,513,371 shares. The stock had previously closed at $7.33.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research report on Wednesday, February 21st. William Blair started coverage on shares of Enovix in a report on Monday, December 18th. They issued an “outperform” rating on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.
Enovix Stock Up 7.5 %
The firm has a 50-day moving average price of $10.05 and a two-hundred day moving average price of $11.20. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -5.14 and a beta of 1.67. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.
Enovix (NASDAQ:ENVX – Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The business had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. As a group, sell-side analysts anticipate that Enovix Co. will post -1.13 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Enovix
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after purchasing an additional 513,508 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Enovix by 24.7% during the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock worth $155,788,000 after acquiring an additional 1,713,057 shares during the period. Electron Capital Partners LLC raised its stake in Enovix by 20.0% in the 4th 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. State Street Corp lifted its holdings in Enovix by 22.0% during the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company’s stock valued at $47,319,000 after purchasing an additional 473,011 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Enovix by 0.4% during the third quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock worth $32,914,000 after purchasing an additional 9,800 shares during the period. 49.68% of the stock is owned by institutional investors.
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.