Enovix (NASDAQ:ENVX) Trading 1.3% Higher

Shares of Enovix Co. (NASDAQ:ENVXGet Free Report) 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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Craig Hallum dropped their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. B. Riley cut 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. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Finally, William Blair reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.33.

Read Our Latest Stock Analysis on ENVX

Enovix Stock 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 business has a 50-day moving average price of $9.51 and a 200 day moving average price of $10.01. The stock has a market capitalization of $2.03 billion, a P/E ratio of -9.07 and a beta of 1.95.

Enovix (NASDAQ:ENVXGet Free Report) last issued its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. As a group, sell-side analysts forecast that Enovix Co. will post -1.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Hedge funds have recently made changes to their positions in the company. Beacon Capital Management LLC raised its stake in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the period. Able Wealth Management LLC purchased a new position in Enovix during the 4th quarter valued at about $34,000. Quest Partners LLC bought a new position in shares of Enovix during the fourth quarter valued at approximately $49,000. Voisard Asset Management Group Inc. bought a new position in Enovix in the fourth quarter worth approximately $50,000. Finally, Game Plan Financial Advisors LLC lifted its holdings in Enovix by 65.2% during the first quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock worth $81,000 after buying an additional 4,000 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

(Get Free Report)

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.

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