Enovix (NASDAQ:ENVX) Trading Up 6.5% – Here’s Why

by · The Markets Daily

Enovix Co. (NASDAQ:ENVX – Get Free Report) shot up 6.5% on Wednesday . The stock traded as high as $9.27 and last traded at $9.21. 2,180,686 shares were traded during trading, a decline of 61% from the average session volume of 5,579,715 shares. The stock had previously closed at $8.65.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded 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. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Read Our Latest Research Report on Enovix

Enovix Stock Up 21.2 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The company has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. The company has a fifty day moving average of $9.74 and a two-hundred day moving average of $11.19.

Enovix (NASDAQ:ENVX – Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. As a group, analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by company insiders.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Oppenheimer & Co. Inc. increased its position in Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after buying an additional 93,303 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after acquiring an additional 55,094 shares in the last quarter. One Wealth Advisors LLC purchased a new position in shares of Enovix in the 3rd quarter valued at approximately $700,000. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in Enovix during the 2nd quarter worth approximately $834,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

(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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