Enovix (NASDAQ:ENVX) Stock Price Up 8.7% - Here's What Happened

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price was up 8.7% during trading on Monday . The stock traded as high as $8.88 and last traded at $8.94. Approximately 652,694 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 5,889,296 shares. The stock had previously closed at $8.22.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ENVX shares. TD Securities decreased their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Benchmark decreased their price target 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. decreased 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, Craig Hallum decreased their price target 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. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.27.

Enovix Price Performance

The stock has a market cap of $1.63 billion, a P/E ratio of -6.59 and a beta of 2.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The business's fifty day moving average price is $7.36 and its 200 day moving average price is $8.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of Enovix by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after buying an additional 1,257 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Enovix by 6.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after buying an additional 1,336 shares during the period. Nwam LLC increased its stake in shares of Enovix by 14.0% in the fourth quarter. Nwam LLC now owns 11,907 shares of the company's stock valued at $129,000 after buying an additional 1,458 shares during the period. Xponance Inc. increased its stake in shares of Enovix by 17.3% in the fourth quarter. Xponance Inc. now owns 11,810 shares of the company's stock valued at $128,000 after buying an additional 1,738 shares during the period. Finally, DDD Partners LLC increased its stake in shares of Enovix by 5.9% in the first quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after buying an additional 1,764 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

About Enovix

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.