Enovix Co. (NASDAQ:ENVX – Get Free Report)’s stock price rose 5.7% during trading on Thursday . The company traded as high as $10.65 and last traded at $10.65. Approximately 1,898,600 shares changed hands during trading, a decline of 66% from the average daily volume of 5,606,391 shares. The stock had previously closed at $10.08.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.
Enovix Stock Up 13.3 %
The business’s fifty day simple moving average is $9.57 and its two-hundred day simple moving average is $11.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a market cap of $2.03 billion, a PE ratio of -7.09 and a beta of 1.94.
Enovix (NASDAQ:ENVX – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter in the prior year, the company earned ($0.27) EPS. On average, analysts predict that Enovix Co. will post -1.17 earnings per share for the current year.
Insider Activity
In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.
Institutional Trading of Enovix
Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of Enovix by 13.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after buying an additional 69,098 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after purchasing an additional 1,434 shares in the last quarter. Deuterium Capital Management LLC lifted its position in shares of Enovix by 15.8% during the 2nd quarter. Deuterium Capital Management LLC now owns 183,375 shares of the company’s stock worth $2,835,000 after purchasing an additional 25,000 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Enovix during the second quarter worth $766,000. Finally, Concurrent Investment Advisors LLC purchased a new position in Enovix in the second quarter valued at $496,000. 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.