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

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

Analyst Ratings Changes

ENVX has been the subject of a number of research reports. Craig Hallum decreased their target price on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 20th. TD Securities lowered their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their target price on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Finally, B. Riley reduced their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Three equities research 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 presently has an average rating of "Moderate Buy" and an average price target of $17.27.

Enovix Stock Performance

The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock's 50 day moving average price is $7.11 and its 200 day moving average price is $8.93. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -5.97 and a beta of 2.00.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the company. Deutsche Bank AG raised its holdings in shares of Enovix by 44.8% in the 4th quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock worth $1,528,000 after acquiring an additional 43,498 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Strong Tower Advisory Services lifted its stake in shares of Enovix by 93.1% during the 1st quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock valued at $1,057,000 after buying an additional 69,435 shares in the last quarter. Haven Private LLC purchased a new stake in Enovix in the 4th quarter worth approximately $454,000. Finally, Amundi lifted its stake in Enovix by 360.8% in the 4th quarter. Amundi now owns 235,369 shares of the company's stock worth $2,558,000 after purchasing an additional 184,294 shares in the last quarter. Institutional investors and hedge funds 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.