Enovix (NASDAQ:ENVX) Shares Up 5.1% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s stock price was up 5.1% during trading on Friday . The company traded as high as $12.93 and last traded at $12.72. Approximately 1,741,676 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 7,887,829 shares. The stock had previously closed at $12.11.

Analyst Ratings Changes

Several analysts have recently issued reports on ENVX shares. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. cut 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Price Performance

The firm has a market capitalization of $2.19 billion, a P/E ratio of -7.65 and a beta of 1.86. The stock’s 50 day simple moving average is $10.30 and its 200 day simple moving average is $10.81. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the business posted ($0.27) EPS. As a group, analysts expect that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were 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 owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp boosted its position in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares in the last quarter. Hodges Capital Management Inc. lifted its stake in shares of Enovix by 1.8% during the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock worth $625,000 after purchasing an additional 1,000 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its position in Enovix by 6.2% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after purchasing an additional 1,214 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position 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 purchasing an additional 1,367 shares in the last quarter. Finally, Clear Creek Financial Management LLC grew its stake in Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after purchasing an additional 1,400 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.