Enovix (NASDAQ:ENVX) Shares Gap Up – Here’s What Happened

Shares of Enovix Co. (NASDAQ:ENVX) gapped up before the market opened on Friday . The stock had previously closed at $8.03, but opened at $8.35. Enovix shares last traded at $8.80, with a volume of 1,512,940 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ENVX. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Price Performance

The stock has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. The stock’s fifty day moving average is $9.68 and its 200-day moving average is $11.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the prior year, the company posted ($0.27) EPS. As a group, equities analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors and hedge funds have recently modified their holdings of ENVX. Blue Trust Inc. grew its position 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. Clear Creek Financial Management LLC purchased a new stake in Enovix during the 2nd quarter worth approximately $724,000. Bank of New York Mellon Corp lifted its holdings in Enovix by 13.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock worth $8,859,000 after buying an additional 69,098 shares in the last quarter. Emfo LLC purchased a new position in Enovix in the 2nd quarter valued at approximately $93,000. Finally, Principal Financial Group Inc. increased its position in shares of Enovix by 7.7% during the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after acquiring an additional 1,434 shares during the period. Hedge funds and other institutional investors 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.