Enovix (NASDAQ:ENVX) Trading Down 1.1%

Enovix Co. (NASDAQ:ENVX) shares traded down 1.1% on Tuesday . The company traded as low as $8.33 and last traded at $8.35. 1,101,932 shares were traded during trading, a decline of 80% from the average session volume of 5,429,616 shares. The stock had previously closed at $8.44.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, August 1st. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark assumed coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Canaccord Genuity Group lifted their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, TD Cowen lifted their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. 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.com, Enovix presently has an average rating of “Buy” and an average price target of $21.33.

Enovix Price Performance

The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -6.23 and a beta of 1.99. The company has a 50-day moving average price of $11.13 and a 200-day moving average price of $10.52. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last posted its earnings results 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. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. On average, equities research analysts expect that Enovix Co. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its position in shares of Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after purchasing an additional 905 shares during the period. Corient Private Wealth LLC lifted its stake in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after acquiring an additional 910 shares in the last quarter. Blue Trust Inc. lifted its stake in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. lifted its stake in Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after acquiring an additional 1,434 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.