Enovix (NASDAQ:ENVX) Stock Price Up 1.3%

Enovix Co. (NASDAQ:ENVX) traded up 1.3% on Monday . The stock traded as high as $12.42 and last traded at $12.16. 969,024 shares changed hands during trading, a decline of 81% from the average session volume of 4,976,693 shares. The stock had previously closed at $12.00.

Analyst Ratings Changes

ENVX has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. B. Riley lowered their target price on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. William Blair restated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. Finally, Craig Hallum cut their target price on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $18.33.

Enovix Price Performance

The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The firm’s fifty day moving average is $9.80 and its 200 day moving average is $10.05. The company has a market capitalization of $2.56 billion, a P/E ratio of -11.27 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The company had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. As a group, analysts predict that Enovix Co. will post -1.15 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction 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 directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently made changes to their positions in ENVX. Vanguard Group Inc. lifted its position in Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after purchasing an additional 1,072,508 shares during the period. Oppenheimer & Co. Inc. lifted its position in shares of Enovix by 68.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock valued at $1,886,000 after acquiring an additional 61,327 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Enovix by 29.3% during the 4th quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock worth $231,000 after purchasing an additional 4,170 shares during the last quarter. Udine Wealth Management Inc. acquired a new position in Enovix during the fourth quarter worth about $1,687,000. Finally, Electron Capital Partners LLC boosted its holdings in shares of Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

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.