Enovix (NASDAQ:ENVX) Shares Up 7.5% - What's Next?

Enovix Co. (NASDAQ:ENVX - Get Free Report) traded up 7.5% during mid-day trading on Thursday . The company traded as high as $11.78 and last traded at $11.69. 2,020,928 shares were traded during trading, a decline of 64% from the average session volume of 5,619,786 shares. The stock had previously closed at $10.87.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several research analyst reports. Benchmark reiterated a "buy" rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 22nd. Janney Montgomery Scott lowered shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Enovix currently has an average rating of "Moderate Buy" and a consensus price target of $20.50.

Enovix Stock Performance

The firm's 50 day simple moving average is $9.56 and its 200-day simple moving average is $11.13. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -7.52 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period in the previous year, the firm earned ($0.27) earnings per share. Analysts expect that Enovix Co. will post -1.17 EPS for the current year.

Insider Activity at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now owns 99,497 shares of the company's stock, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction dated Monday, October 14th. The stock was 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 directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

Hedge funds have recently bought and sold shares of the business. Prospera Private Wealth LLC bought a new stake in Enovix during the third quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix during the 2nd quarter worth $39,000. Voisard Asset Management Group Inc. grew its stake in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock valued at $65,000 after buying an additional 2,000 shares during the last quarter. Quest Partners LLC lifted its position in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company's stock worth $77,000 after acquiring an additional 6,294 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Enovix during the second quarter valued at about $97,000. 50.92% of the stock is 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.