Enovix (NASDAQ:ENVX) Shares Gap Up Following Insider Buying Activity

Shares of Enovix Co. (NASDAQ:ENVX – Get Rating) gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $10.25, but opened at $10.64. Enovix shares last traded at $11.13, with a volume of 816,650 shares trading hands.

Specifically, CTO Ashok Lahiri sold 2,000 shares of Enovix stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $12.81, for a total value of $25,620.00. Following the sale, the chief technology officer now directly owns 1,358,265 shares in the company, valued at approximately $17,399,374.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CTO Ashok Lahiri sold 2,000 shares of Enovix stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $12.81, for a total value of $25,620.00. Following the sale, the chief technology officer now directly owns 1,358,265 shares in the company, valued at approximately $17,399,374.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Rajendra K. Talluri acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was purchased at an average price of $11.22 per share, for a total transaction of $56,100.00. Following the completion of the transaction, the chief executive officer now owns 2,005,000 shares in the company, valued at $22,496,100. The disclosure for this purchase can be found here. Insiders have bought a total of 105,033 shares of company stock worth $1,061,274 in the last ninety days. 20.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ENVX shares. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $28.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, January 26th. Craig Hallum dropped their price target on shares of Enovix from $23.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 23rd. EF Hutton Acquisition Co. I restated a “buy” rating and set a $18.00 price target on shares of Enovix in a research report on Thursday, February 23rd. B. Riley dropped their price target on shares of Enovix from $19.00 to $18.00 in a research report on Wednesday, January 4th. Finally, Piper Sandler boosted their price target on shares of Enovix from $22.50 to $25.00 and gave the stock an “overweight” rating in a research report on Thursday, February 23rd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $27.92.

Enovix Stock Performance

The company’s 50 day moving average price is $8.84 and its 200-day moving average price is $13.14. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -9.85 and a beta of 0.99.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Insight Advisors LLC PA purchased a new position in shares of Enovix in the fourth quarter worth approximately $341,000. CI Private Wealth LLC purchased a new position in shares of Enovix in the fourth quarter worth approximately $213,000. Salem Investment Counselors Inc. increased its position in shares of Enovix by 375.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 104,200 shares of the company’s stock worth $1,296,000 after acquiring an additional 82,300 shares in the last quarter. Laidlaw Wealth Management LLC purchased a new position in shares of Enovix in the fourth quarter worth approximately $124,000. Finally, Morgan Stanley increased its position in shares of Enovix by 118.8% in the fourth quarter. Morgan Stanley now owns 1,309,215 shares of the company’s stock worth $16,287,000 after acquiring an additional 710,819 shares in the last quarter. 55.62% of the stock is owned by hedge funds and other institutional investors.

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.