Enovix (NASDAQ:ENVX) Trading 7.9% Higher - What's Next?

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s share price traded up 7.9% during mid-day trading on Monday . The company traded as high as $8.77 and last traded at $8.96. 769,077 shares were traded during trading, a decline of 87% from the average session volume of 5,955,431 shares. The stock had previously closed at $8.31.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Craig Hallum reduced their price objective on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Benchmark reduced their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, TD Securities reduced their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.27.

Enovix Trading Up 5.0%

The firm has a market cap of $1.68 billion, a P/E ratio of -6.06 and a beta of 2.00. The firm's fifty day moving average is $6.95 and its two-hundred day moving average is $8.95. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Hedge Funds Weigh In On Enovix

Large investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC purchased a new position in Enovix in the 4th quarter worth about $27,000. Sava Infond d.o.o. purchased a new stake in shares of Enovix during the 4th quarter valued at about $43,000. Stone House Investment Management LLC purchased a new stake in shares of Enovix during the 1st quarter valued at about $37,000. Hollencrest Capital Management increased its position in shares of Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Enovix during the 4th quarter valued at about $65,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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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