Enovix (NASDAQ:ENVX) Stock Price Up 6.6%

Enovix Co. (NASDAQ:ENVXGet Rating)’s share price rose 6.6% during trading on Wednesday . The stock traded as high as $11.45 and last traded at $11.42. Approximately 8,150 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,594,203 shares. The stock had previously closed at $10.71.

Separately, Craig Hallum reduced their price target on Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, March 4th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $33.00.

The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -10.71 and a beta of 1.90. The stock has a 50-day moving average of $10.65 and a 200-day moving average of $16.31.

Enovix (NASDAQ:ENVXGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). On average, sell-side analysts anticipate that Enovix Co. will post -0.63 earnings per share for the current fiscal year.

In other Enovix news, Director Thurman J. Rodgers bought 100,000 shares of Enovix stock in a transaction on Monday, May 23rd. The shares were purchased at an average price of $9.00 per share, with a total value of $900,000.00. Following the acquisition, the director now owns 400,000 shares in the company, valued at approximately $3,600,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Enovix by 316.8% in the 1st quarter. Bank of America Corp DE now owns 162,672 shares of the company’s stock valued at $2,322,000 after acquiring an additional 123,645 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Enovix by 85.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,720 shares of the company’s stock valued at $795,000 after acquiring an additional 25,615 shares during the last quarter. Polar Asset Management Partners Inc. lifted its stake in shares of Enovix by 507.3% in the 1st quarter. Polar Asset Management Partners Inc. now owns 852,100 shares of the company’s stock valued at $12,159,000 after acquiring an additional 711,800 shares during the last quarter. Summit Partners Public Asset Management LLC lifted its stake in shares of Enovix by 1.2% in the 1st quarter. Summit Partners Public Asset Management LLC now owns 3,582,986 shares of the company’s stock valued at $51,129,000 after acquiring an additional 41,990 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its stake in shares of Enovix by 2.5% in the 1st quarter. Electron Capital Partners LLC now owns 7,066,553 shares of the company’s stock valued at $100,840,000 after acquiring an additional 170,248 shares during the last quarter. 56.82% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix (NASDAQ:ENVX)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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