Enovix (NASDAQ:ENVX) Shares Down 5.7%

Shares of Enovix Co. (NASDAQ:ENVX) fell 5.7% during trading on Tuesday . The company traded as low as $8.70 and last traded at $8.81. 1,027,018 shares traded hands during trading, a decline of 81% from the average session volume of 5,381,230 shares. The stock had previously closed at $9.34.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ENVX shares. Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Benchmark started coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target on the stock. TD Cowen lifted their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Craig Hallum increased their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Price Performance

The business’s 50 day moving average price is $10.41 and its 200-day moving average price is $10.55. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a market cap of $1.47 billion, a PE ratio of -6.57 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its quarterly 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 net margin of 1,434.34% and a negative return on equity of 91.21%. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. As a group, analysts forecast that Enovix Co. will post -1.21 earnings per share for the current year.

Institutional Trading of Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Blue Trust Inc. grew its stake in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. Able Wealth Management LLC acquired a new position in shares of Enovix in the 4th quarter worth approximately $34,000. Beacon Capital Management LLC increased its holdings in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in Enovix during the second quarter worth $39,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.