Enovix (NASDAQ:ENVX) Shares Gap Up to $6.70

Shares of Enovix Co. (NASDAQ:ENVX) gapped up prior to trading on Tuesday . The stock had previously closed at $6.70, but opened at $7.02. Enovix shares last traded at $6.91, with a volume of 1,550,874 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, February 21st. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Enovix in a research note on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.29.

Enovix Stock Performance

The business has a 50 day moving average of $8.96 and a two-hundred day moving average of $10.32. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The firm had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. On average, equities research analysts forecast that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is owned by company insiders.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. bought a new stake in Enovix during the 3rd quarter worth approximately $26,000. Quantbot Technologies LP bought a new stake in Enovix during the 2nd quarter worth approximately $26,000. Allspring Global Investments Holdings LLC bought a new stake in Enovix during the 3rd quarter worth approximately $31,000. Beacon Capital Management LLC increased its holdings in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Carmel Capital Partners LLC bought a new stake in Enovix during the 3rd quarter worth approximately $34,000. 50.92% of the stock is owned by institutional investors.

About Enovix

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.