Enovix (NASDAQ:ENVX) Stock Price Up 7%

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s stock price rose 7% during trading on Wednesday . The company traded as high as $11.25 and last traded at $11.09. Approximately 3,734,691 shares traded hands during trading, a decline of 25% from the average daily volume of 4,953,306 shares. The stock had previously closed at $10.36.

Analyst Ratings Changes

ENVX has been the topic of a number of recent analyst reports. B. Riley decreased their price target on Enovix from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, April 30th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Craig Hallum reduced their target price on Enovix from $20.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday, April 26th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.33.

Enovix Trading Up 2.1 %

The company has a market cap of $1.80 billion, a PE ratio of -7.90 and a beta of 1.70. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The company has a 50-day moving average of $7.92 and a 200 day moving average of $9.99.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to analysts' expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. Analysts predict that Enovix Co. will post -1.15 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business'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 transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Beacon Capital Management LLC boosted its position in shares of Enovix by 66.7% during 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 period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Enovix in the third quarter valued at approximately $31,000. Able Wealth Management LLC purchased a new stake in shares of Enovix in the fourth quarter valued at approximately $34,000. Quest Partners LLC purchased a new stake in shares of Enovix in the fourth quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in shares of Enovix in the fourth quarter valued at approximately $50,000. 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.