Enovix (NASDAQ:ENVX) Trading Up 0.3% – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s share price was up 0.3% during mid-day trading on Tuesday . The company traded as high as $11.52 and last traded at $11.49. Approximately 539,386 shares changed hands during trading, a decline of 90% from the average daily volume of 5,447,519 shares. The stock had previously closed at $11.46.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ENVX shares. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Craig Hallum boosted their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $21.67.

Enovix Trading Down 6.7 %

The business’s fifty day simple moving average is $10.03 and its two-hundred day simple moving average is $10.95. 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 company has a market cap of $1.79 billion, a price-to-earnings ratio of -7.85 and a beta of 1.98.

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

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s 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 transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently made changes to their positions in ENVX. Arizona State Retirement System lifted its position in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares during the period. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the last quarter. Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the period. Principal Financial Group Inc. grew its position in Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after buying an additional 1,434 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC increased its stake in Enovix by 9.7% in the 2nd quarter. Kohmann Bosshard Financial Services LLC now owns 17,000 shares of the company’s stock valued at $263,000 after buying an additional 1,500 shares during the period. 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.