Enovix (NASDAQ:ENVX) Trading 3% Higher

Enovix Co. (NASDAQ:ENVX) shares were up 3% on Monday . The company traded as high as $8.78 and last traded at $8.70. Approximately 1,073,461 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 5,439,086 shares. The stock had previously closed at $8.45.

Analyst Ratings Changes

Several research firms have recently issued reports on ENVX. TD Cowen increased their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Canaccord Genuity Group lifted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Price Performance

The stock’s 50 day moving average is $11.33 and its two-hundred day moving average is $10.53. 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 stock has a market capitalization of $1.45 billion, a PE ratio of -6.49 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, sell-side analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Sanctuary Advisors LLC acquired a new stake in shares of Enovix during the second quarter worth about $1,867,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix during the second quarter worth approximately $39,000. Cetera Investment Advisers increased its holdings in shares of Enovix by 81.5% in the 2nd quarter. Cetera Investment Advisers now owns 89,228 shares of the company’s stock valued at $1,379,000 after acquiring an additional 40,055 shares during the period. Creative Planning boosted its stake in Enovix by 53.7% during the 2nd quarter. Creative Planning now owns 33,084 shares of the company’s stock worth $511,000 after purchasing an additional 11,554 shares during the period. Finally, Algert Global LLC purchased a new position in Enovix during the 2nd quarter worth $223,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.