Enovix (NASDAQ:ENVX) Shares Gap Up – What’s Next?

Enovix Co. (NASDAQ:ENVX) gapped up prior to trading on Tuesday . The stock had previously closed at $12.46, but opened at $14.15. Enovix shares last traded at $15.66, with a volume of 6,009,226 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ENVX. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Price Performance

The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average of $9.75 and a two-hundred day moving average of $11.15. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -7.60 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter last year, the firm posted ($0.27) EPS. On average, equities research analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were 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 in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System lifted its position in shares of Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after acquiring an additional 905 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after purchasing an additional 1,367 shares during the last quarter. Clear Creek Financial Management LLC grew its holdings in shares of Enovix by 3.0% during the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after buying an additional 1,400 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of 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 buying an additional 1,434 shares during the last quarter. Finally, LJI Wealth Management LLC lifted its stake in shares of Enovix by 2.1% during the third quarter. LJI Wealth Management LLC now owns 73,900 shares of the company’s stock valued at $690,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.