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

Enovix Co. (NASDAQ:ENVX)’s stock price gapped up before the market opened 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 traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ENVX. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. B. Riley reduced their price objective on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.14.

Enovix Trading Up 35.0 %

The business’s 50-day simple moving average is $7.87 and its 200-day simple moving average is $10.01. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -5.58 and a beta of 1.70. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

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). The company had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. Research analysts predict that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other 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 transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its position in Enovix by 106.4% during the 3rd quarter. SG Americas Securities LLC now owns 17,953 shares of the company’s stock worth $225,000 after purchasing an additional 9,253 shares during the period. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Enovix in the third quarter worth about $153,000. Commonwealth Equity Services LLC grew its stake in shares of Enovix by 37.2% in the third quarter. Commonwealth Equity Services LLC now owns 57,245 shares of the company’s stock valued at $718,000 after buying an additional 15,532 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Enovix by 10.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 32,833 shares of the company’s stock valued at $412,000 after buying an additional 3,005 shares during the period. Finally, Raymond James & Associates lifted its position in Enovix by 73.9% during the 3rd quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock worth $4,950,000 after acquiring an additional 167,647 shares in the last quarter. 50.92% of the stock is 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.