Enovix (NASDAQ:ENVX) Trading 7.8% Higher – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s share price was up 7.8% during mid-day trading on Monday . The stock traded as high as $8.25 and last traded at $8.25. Approximately 2,834,306 shares changed hands during trading, a decline of 53% from the average daily volume of 6,027,624 shares. The stock had previously closed at $7.65.

Analyst Upgrades and Downgrades

ENVX has been the topic of a number of analyst reports. Craig Hallum lowered their target price on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Up 8.4 %

The firm’s 50-day moving average price is $10.61 and its 200-day moving average price is $10.09. 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 $1.59 billion, a price-to-earnings ratio of -5.75 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Sell-side analysts forecast that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 15.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enovix

Hedge funds have recently bought and sold shares of the company. Fluent Financial LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $737,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Enovix during the fourth quarter valued at approximately $2,101,000. B. Riley Wealth Advisors Inc. raised its stake in shares of Enovix by 104.6% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 23,575 shares of the company’s stock worth $256,000 after buying an additional 12,050 shares in the last quarter. Integrated Advisors Network LLC bought a new position in shares of Enovix during the 4th quarter valued at about $148,000. Finally, PharVision Advisers LLC bought a new position in shares of Enovix in the fourth quarter valued at $149,000. 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.