Enovix (NASDAQ:ENVX) Shares Gap Up to $6.51

Enovix Co. (NASDAQ:ENVX) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.51, but opened at $8.85. Enovix shares last traded at $8.23, with a volume of 5,848,066 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ENVX. Craig Hallum lowered their target price on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday. William Blair reiterated an “outperform” rating on shares of Enovix in a report on Thursday. B. Riley lowered their target price on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average target price of $25.29.

Enovix Price Performance

The stock’s 50 day moving average price is $7.87 and its 200 day moving average price is $10.01. 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 data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 83.66% and a negative net margin of 1,448.90%. The business had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. On average, sell-side analysts expect that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Insider Transactions at Enovix

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

Institutional Investors Weigh In On Enovix

Several hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC lifted its stake in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after purchasing an additional 910 shares during the last quarter. Beacon Capital Management LLC raised its holdings in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the period. Amalgamated Bank raised its holdings in Enovix by 5.9% in the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock valued at $261,000 after acquiring an additional 1,154 shares during the period. Victory Capital Management Inc. raised its holdings in Enovix by 10.5% in the 3rd quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock valued at $179,000 after acquiring an additional 1,351 shares during the period. Finally, Insight Advisors LLC PA raised its holdings in Enovix by 3.2% in the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock valued at $555,000 after acquiring an additional 1,370 shares during the period. 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.