Enovix (NASDAQ:ENVX) Trading Up 11.7% – Here’s What Happened

Shares of Enovix Corporation (NASDAQ:ENVX) traded up 11.7% during trading on Monday . The stock traded as high as $7.25 and last traded at $7.3860. 4,825,365 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 6,052,943 shares. The stock had previously closed at $6.61.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. B. Riley Financial lowered their price target on shares of Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Craig Hallum decreased their target price on shares of Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. JPMorgan Chase & Co. cut shares of Enovix from a “neutral” rating to an “underweight” rating in a report on Wednesday, May 6th. Canaccord Genuity Group dropped their price target on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Wells Fargo & Company set a $6.00 price target on Enovix in a research note on Thursday, March 12th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.05.

Enovix Stock Performance

The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The company has a market cap of $1.56 billion, a P/E ratio of -9.32 and a beta of 2.24. The stock’s fifty day moving average price is $5.68 and its two-hundred day moving average price is $7.29.

Institutional Investors Weigh In On Enovix

Large investors have recently modified their holdings of the business. Caitlin John LLC acquired a new position in shares of Enovix during the 3rd quarter worth $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Enovix in the fourth quarter valued at about $30,000. Parallel Advisors LLC boosted its stake in Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after buying an additional 1,342 shares in the last quarter. CWM LLC grew its position in Enovix by 95.4% in the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after acquiring an additional 2,969 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new position in Enovix during the first quarter worth about $60,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.