Enovix (NASDAQ:ENVX) Shares Gap Up to $6.51

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $6.51, but opened at $8.85. Enovix shares last traded at $8.23, with a volume of 5,848,066 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ENVX. B. Riley lowered their target price on Enovix from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday. Craig Hallum decreased their price target on Enovix from $20.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. William Blair reissued an "outperform" rating on shares of Enovix in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an "overweight" rating for the company in a research report on Friday, April 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $25.29.

Enovix Trading Up 45.5 %

The company's fifty day moving average is $7.87 and its two-hundred day moving average is $10.01. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -5.90 and a beta of 1.70.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million during the quarter, compared to analysts' expectations of $3.37 million. On average, research analysts predict that Enovix Co. will post -1.13 EPS for the current fiscal year.

Insider Activity

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company's stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC grew its holdings in shares of Enovix by 106.4% during the third quarter. SG Americas Securities LLC now owns 17,953 shares of the company's stock worth $225,000 after buying an additional 9,253 shares during the last quarter. U.S. Capital Wealth Advisors LLC acquired a new stake in Enovix during the 3rd quarter worth approximately $153,000. Commonwealth Equity Services LLC grew its stake in shares of Enovix by 37.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 57,245 shares of the company's stock valued at $718,000 after purchasing an additional 15,532 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Enovix by 10.1% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 32,833 shares of the company's stock valued at $412,000 after purchasing an additional 3,005 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Enovix by 73.9% during the third quarter. Raymond James & Associates now owns 394,396 shares of the company's stock worth $4,950,000 after purchasing an additional 167,647 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.