Enovix (NASDAQ:ENVX) Stock Price Up 0.7%

Shares of Enovix Co. (NASDAQ:ENVX) rose 0.7% on Monday . The stock traded as high as $15.66 and last traded at $15.57. Approximately 880,026 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 5,300,678 shares. The stock had previously closed at $15.46.

Wall Street Analysts Forecast Growth

ENVX has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. Finally, Craig Hallum reduced their target price on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Enovix presently has a consensus rating of “Buy” and a consensus target price of $18.33.

Enovix Price Performance

The firm has a market cap of $2.64 billion, a PE ratio of -11.62 and a beta of 2.04. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The stock has a 50 day moving average price of $10.35 and a two-hundred day moving average price of $10.12.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The business had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. As a group, equities analysts expect that Enovix Co. will post -1.15 earnings per share for the current year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of large investors have recently bought and sold shares of ENVX. Beacon Capital Management LLC boosted its position in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the last quarter. Able Wealth Management LLC purchased a new stake in Enovix in the 4th quarter worth approximately $34,000. Quest Partners LLC purchased a new stake in Enovix in the 4th quarter worth approximately $49,000. Voisard Asset Management Group Inc. purchased a new stake in Enovix in the 4th quarter worth approximately $50,000. Finally, Game Plan Financial Advisors LLC boosted its position in Enovix by 65.2% in the 1st quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock worth $81,000 after purchasing an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors 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.