Enovix (NASDAQ:ENVX) Shares Gap Up to $13.32

Enovix Co. (NASDAQ:ENVX – Get Rating) gapped up before the market opened on Monday . The stock had previously closed at $13.32, but opened at $14.17. Enovix shares last traded at $13.17, with a volume of 16,747 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ENVX shares. Cowen reduced their target price on Enovix from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, June 24th. Cowen reduced their target price on Enovix from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, June 24th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Enovix presently has an average rating of “Buy” and a consensus target price of $29.60.

Enovix Trading Down 1.3 %

The firm has a market cap of $2.09 billion, a P/E ratio of -12.70 and a beta of 2.73. The business has a 50-day moving average of $10.83 and a two-hundred day moving average of $12.38.

Enovix (NASDAQ:ENVX – Get Rating) last issued its quarterly earnings data on Wednesday, May 11th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). As a group, equities analysts expect that Enovix Co. will post -0.82 EPS for the current year.

Insider Buying and Selling

In related news, Director Thurman J. Rodgers purchased 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, for a total transaction of $900,000.00. Following the transaction, the director now owns 400,000 shares of the company’s stock, valued at approximately $3,600,000. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in ENVX. Polar Asset Management Partners Inc. boosted its position in shares of Enovix by 507.3% during the 1st quarter. Polar Asset Management Partners Inc. now owns 852,100 shares of the company’s stock valued at $12,159,000 after purchasing an additional 711,800 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Enovix in the first quarter valued at approximately $6,680,000. Invesco Ltd. grew its holdings in shares of Enovix by 52.2% in the first quarter. Invesco Ltd. now owns 1,219,353 shares of the company’s stock valued at $17,400,000 after acquiring an additional 418,325 shares in the last quarter. PBMares Wealth Management LLC bought a new position in shares of Enovix in the second quarter valued at approximately $1,871,000. Finally, Electron Capital Partners LLC grew its holdings in shares of Enovix by 2.5% in the first 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 in the last quarter. Institutional investors own 56.82% of the company’s stock.

About Enovix

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