Enovix (NASDAQ:ENVX) Shares Up 5.7% – Here’s What Happened

Enovix Co. (NASDAQ:ENVX)’s share price shot up 5.7% during trading on Thursday . The company traded as high as $10.65 and last traded at $10.65. 1,898,600 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 5,606,391 shares. The stock had previously closed at $10.08.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

The company has a 50 day moving average of $9.57 and a two-hundred day moving average of $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 capitalization of $1.96 billion, a PE ratio of -6.83 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same period in the prior year, the firm earned ($0.27) EPS. As a group, equities research analysts predict that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the company’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 transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of ENVX. Arizona State Retirement System boosted its position in Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after purchasing an additional 905 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in Enovix by 6.7% during the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock valued at $202,000 after buying an additional 1,367 shares during the last quarter. Clear Creek Financial Management LLC raised its position in Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after acquiring an additional 1,400 shares during the period. Principal Financial Group Inc. grew its position in shares of Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after acquiring an additional 1,434 shares during the period. Finally, LJI Wealth Management LLC increased its stake in shares of Enovix by 2.1% in the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company’s stock worth $690,000 after purchasing an additional 1,500 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

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.