Enovix (NASDAQ:ENVX) Sees Unusually-High Trading Volume

Shares of Enovix Co. (NASDAQ:ENVX) saw unusually-strong trading volume on Friday . Approximately 4,364,532 shares changed hands during trading, a decline of 7% from the previous session’s volume of 4,679,499 shares.The stock last traded at $9.84 and had previously closed at $9.47.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday. B. Riley dropped their target price on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday. Craig Hallum dropped their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Enovix Stock Performance

The firm has a market cap of $1.71 billion, a P/E ratio of -7.07 and a beta of 1.70. 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 business has a fifty day simple moving average of $7.87 and a 200-day simple moving average of $10.01.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. On average, sell-side analysts predict that Enovix Co. will post -1.13 EPS for the current fiscal year.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 17.30% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

Several large investors have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. raised its holdings in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares during the period. Electron Capital Partners LLC lifted its holdings in shares of Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC grew its stake in Enovix by 18.2% during the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after acquiring an additional 200,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after purchasing an additional 55,157 shares in the last quarter. 50.92% of the stock is currently owned by 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.