Enovix (NASDAQ:ENVX) Stock Price Up 0.1%

Enovix Co. (NASDAQ:ENVX)’s stock price was up 0.1% on Thursday . The stock traded as high as $9.97 and last traded at $9.82. Approximately 615,951 shares changed hands during trading, a decline of 89% from the average daily volume of 5,398,945 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Canaccord Genuity Group lifted their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 target price on shares of Enovix in a research report on Monday. Finally, Craig Hallum raised their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix currently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Trading Down 0.1 %

The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -7.45 and a beta of 2.04. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company’s fifty day moving average price is $13.56 and its 200-day moving average price is $10.73.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, research analysts expect that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Several institutional investors have recently modified their holdings of ENVX. Cetera Investment Advisers raised its position in Enovix by 81.5% in the second quarter. Cetera Investment Advisers now owns 89,228 shares of the company’s stock valued at $1,379,000 after purchasing an additional 40,055 shares during the period. Creative Planning raised its holdings in Enovix by 53.7% in the 2nd quarter. Creative Planning now owns 33,084 shares of the company’s stock valued at $511,000 after buying an additional 11,554 shares during the period. Algert Global LLC acquired a new position in Enovix in the second quarter valued at about $223,000. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Enovix during the second quarter valued at about $834,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

About Enovix

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.