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

Enovix Co. (NASDAQ:ENVX) shares gapped up prior to trading 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 trading hands.

Analyst Ratings Changes

A number of research analysts have weighed in on ENVX shares. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. B. Riley dropped their target price on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. Finally, Craig Hallum dropped their target price on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The stock’s 50 day moving average is $7.87 and its 200 day moving average is $10.01.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. As a group, research analysts forecast that Enovix Co. will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on 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 directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

A number of large investors have recently modified their holdings of ENVX. Vanguard Group Inc. increased its position in shares of Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares during the last quarter. Electron Capital Partners LLC increased its holdings in shares of Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC lifted its holdings in shares of Enovix by 18.2% during the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after acquiring an additional 200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after acquiring an additional 55,157 shares in the last quarter. 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.