Enovix (NASDAQ:ENVX) Trading 4% Higher

Enovix Co. (NASDAQ:ENVX)’s stock price was up 4% on Friday . The stock traded as high as $6.28 and last traded at $6.25. Approximately 1,176,576 shares were traded during trading, a decline of 73% from the average daily volume of 4,412,299 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ENVX. 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. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Enovix Stock Up 4.0 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The business’s 50 day moving average price is $8.87 and its 200 day moving average price is $10.29. The firm has a market cap of $1.05 billion, a PE ratio of -3.93 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly 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). The firm had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, equities research analysts expect that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other 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 transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Enovix by 24.7% during the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock worth $155,788,000 after buying an additional 1,713,057 shares during the last quarter. Electron Capital Partners LLC raised its position in shares of Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after buying an additional 540,399 shares during the period. State Street Corp raised its position in shares of Enovix by 22.0% during the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company’s stock valued at $47,319,000 after buying an additional 473,011 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in Enovix by 0.4% in the third quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after acquiring an additional 9,800 shares during the last quarter. 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.