Enovix (NASDAQ:ENVX) Shares Up 3%

Enovix Co. (NASDAQ:ENVX) traded up 3% on Monday . The stock traded as high as $8.78 and last traded at $8.70. 1,073,461 shares changed hands during trading, a decline of 80% from the average session volume of 5,439,086 shares. The stock had previously closed at $8.45.

Analysts Set New Price Targets

ENVX has been the subject of several recent analyst reports. TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Craig Hallum upped their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Canaccord Genuity Group boosted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Oppenheimer restated an “outperform” rating and set a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Enovix has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Trading Up 5.6 %

The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock’s 50 day moving average price is $10.95 and its 200 day moving average price is $10.52.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. On average, equities analysts expect that Enovix Co. will post -1.21 earnings per share for the current year.

Institutional Trading of Enovix

Several large investors have recently bought and sold shares of the company. Oppenheimer & Co. Inc. boosted its stake 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 purchasing an additional 61,327 shares during the period. Vanguard Group Inc. grew its stake in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after acquiring an additional 164,717 shares in the last quarter. Electron Capital Partners LLC increased its position in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after acquiring an additional 171,635 shares in the last quarter. Finally, Wealth Effects LLC boosted its holdings in Enovix by 55.6% in the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after purchasing an additional 81,801 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.