Enovix (NASDAQ:ENVX) Shares Down 0.5%

Enovix Co. (NASDAQ:ENVX) shares traded down 0.5% on Friday . The company traded as low as $14.36 and last traded at $14.47. 1,001,699 shares traded hands during trading, a decline of 81% from the average session volume of 5,333,154 shares. The stock had previously closed at $14.55.

Analyst Upgrades and Downgrades

ENVX has been the subject of several recent research reports. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Craig Hallum lowered their price target on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Benchmark began coverage on Enovix in a research report on Monday. They set a “buy” rating and a $25.00 price objective for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a research report on Thursday, June 27th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.17.

Enovix Stock Up 0.6 %

The firm has a market cap of $2.49 billion, a PE ratio of -10.80 and a beta of 2.04. The business has a 50-day moving average price of $13.51 and a two-hundred day moving average price of $10.58. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The company had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. On average, equities research analysts expect that Enovix Co. will post -1.14 EPS for the current year.

Insider Buying and Selling at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the last quarter. Able Wealth Management LLC purchased a new position in Enovix during the 4th quarter worth $34,000. Beacon Capital Management LLC increased its stake in Enovix by 71.9% in the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares during the period. GAMMA Investing LLC raised its holdings in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Enovix during the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.