Shares of Enovix Co. (NASDAQ:ENVX – Get Free Report) were down 4.5% on Thursday . The company traded as low as $11.90 and last traded at $11.98. 1,464,205 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 5,452,982 shares. The stock had previously closed at $12.55.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on ENVX. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Cowen boosted their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Canaccord Genuity Group raised their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Finally, Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Buy” and an average target price of $21.33.
View Our Latest Report on ENVX
Enovix Stock Down 5.3 %
Enovix (NASDAQ:ENVX – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. As a group, research analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of ENVX. Arizona State Retirement System lifted its stake in shares of Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after purchasing an additional 905 shares during the period. Blue Trust Inc. raised its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the period. Voisard Asset Management Group Inc. boosted its position in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after purchasing an additional 1,434 shares during the period. Finally, Kohmann Bosshard Financial Services LLC increased its position in shares of Enovix by 9.7% in the second quarter. Kohmann Bosshard Financial Services LLC now owns 17,000 shares of the company’s stock valued at $263,000 after buying an additional 1,500 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.
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.
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