Enovix (NASDAQ:ENVX) Sees Unusually-High Trading Volume

Enovix Co. (NASDAQ:ENVX) saw an uptick in trading volume on Friday . 4,364,532 shares traded hands during mid-day trading, a decline of 7% from the previous session’s volume of 4,679,499 shares.The stock last traded at $9.84 and had previously closed at $9.47.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday. B. Riley reduced their price target on Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Craig Hallum decreased their price target on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.29.

Enovix Stock Up 6.5 %

The stock has a market cap of $1.71 billion, a P/E ratio of -7.07 and a beta of 1.70. The firm has a 50 day simple moving average of $7.87 and a two-hundred day simple moving average of $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 released its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share 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 firm had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Equities research analysts predict that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction 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 $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in Enovix in the 3rd quarter valued at $31,000. Beacon Capital Management LLC raised its stake in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the period. Carmel Capital Partners LLC bought a new position in Enovix in the third quarter valued at approximately $34,000. Able Wealth Management LLC acquired a new position in shares of Enovix during the fourth quarter worth about $34,000. Finally, Quest Partners LLC bought a new position in shares of Enovix during the fourth quarter worth about $49,000. Institutional investors and hedge funds 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.