Enovix Co. (NASDAQ:ENVX – Get Free Report) traded up 7% during trading on Wednesday . The company traded as high as $11.25 and last traded at $11.09. 3,734,691 shares traded hands during trading, a decline of 25% from the average session volume of 4,953,306 shares. The stock had previously closed at $10.36.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on ENVX shares. William Blair restated an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. B. Riley decreased their price objective on Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. 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. Finally, JPMorgan Chase & Co. decreased their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average price target of $18.33.
Enovix Stock Performance
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 fifty day moving average price of $7.87 and a two-hundred day moving average price of $9.99. The stock has a market capitalization of $1.80 billion, a PE ratio of -8.14 and a beta of 1.70.
Enovix (NASDAQ:ENVX – Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. Research analysts expect that Enovix Co. will post -1.15 EPS for the current year.
Insider Activity
In related news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.
Institutional Trading of Enovix
A number of hedge funds have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. raised its holdings in shares of Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Electron Capital Partners LLC lifted its holdings in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Enovix by 2,228.5% during the 1st 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 increased its holdings in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after acquiring an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after acquiring an additional 55,157 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other 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.