Enovix (NASDAQ:ENVX) Shares Gap Up to $9.34

Shares of Enovix Co. (NASDAQ:ENVX) gapped up prior to trading on Friday . The stock had previously closed at $9.34, but opened at $10.09. Enovix shares last traded at $9.93, with a volume of 1,904,118 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently commented on ENVX shares. TD Cowen upped their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, August 1st. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Benchmark initiated coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $21.33.

Enovix Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The company has a market cap of $1.71 billion, a P/E ratio of -7.24 and a beta of 1.99. The stock has a 50-day simple moving average of $12.19 and a 200 day simple moving average of $10.54.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during 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, equities analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Insider Activity

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were 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 owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a filing with the SEC, which is available through this link. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. lifted its holdings in Enovix by 68.7% during the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock worth $1,886,000 after buying an additional 61,327 shares during the period. Victory Capital Management Inc. increased its position in shares of Enovix by 29.3% in the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock valued at $231,000 after buying an additional 4,170 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Electron Capital Partners LLC grew its stake in shares of Enovix by 20.0% in 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. Finally, Wells Fargo & Company MN lifted its position in Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock valued at $12,946,000 after buying an additional 171,635 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.