Enovix (NASDAQ:ENVX) Shares Up 4%

Enovix Co. (NASDAQ:ENVX) was up 4% during trading on Friday . The company traded as high as $6.28 and last traded at $6.25. Approximately 1,176,576 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 4,412,299 shares. The stock had previously closed at $6.01.

Analyst Ratings Changes

A number of research analysts have commented on ENVX shares. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective 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 objective on shares of Enovix in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Enovix Trading Up 4.2 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The business’s 50 day moving average price is $8.75 and its 200-day moving average price is $10.25. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -4.09 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) 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. Equities analysts forecast that Enovix Co. will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares during the period. Raymond James & Associates lifted its holdings in shares of Enovix by 73.9% in the third quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock valued at $4,950,000 after purchasing an additional 167,647 shares in the last quarter. Udine Wealth Management Inc. purchased a new stake in shares of Enovix in the fourth quarter valued at about $1,687,000. tru Independence LLC purchased a new stake in shares of Enovix in the third quarter valued at about $3,745,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Enovix in the third quarter valued at about $1,167,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.