Enovix (NASDAQ:ENVX) Shares Gap Up - What's Next?

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $8.03, but opened at $8.35. Enovix shares last traded at $8.80, with a volume of 1,512,940 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on ENVX shares. Janney Montgomery Scott cut Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Benchmark reissued a "buy" rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Enovix Trading Up 21.2 %

The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The stock has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. The company's fifty day moving average is $9.68 and its 200-day moving average is $11.19.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter last year, the business posted ($0.27) EPS. On average, analysts predict that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Betsy S. Atkins sold 75,000 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company's stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently bought and sold shares of ENVX. Oppenheimer & Co. Inc. raised its stake in shares of Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company's stock worth $2,541,000 after buying an additional 93,303 shares during the period. Stifel Financial Corp raised its position in Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock worth $8,875,000 after acquiring an additional 55,094 shares during the period. One Wealth Advisors LLC purchased a new position in Enovix during the third quarter valued at $700,000. Driehaus Capital Management LLC lifted its holdings in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in shares of Enovix during the second quarter worth about $834,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Company Profile

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.