Enovix (NASDAQ:ENVX) Trading 6.5% Higher – Here’s What Happened

Enovix Co. (NASDAQ:ENVX)’s stock price traded up 6.5% during trading on Thursday . The company traded as high as $12.59 and last traded at $12.32. 2,315,318 shares were traded during mid-day trading, a decline of 67% from the average session volume of 7,021,903 shares. The stock had previously closed at $11.57.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Two 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

The firm has a market cap of $2.14 billion, a P/E ratio of -7.49 and a beta of 1.87. The stock’s 50 day moving average is $10.72 and its two-hundred day moving average is $10.50. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.70% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Large investors have recently added to or reduced their stakes in the company. Lpwm LLC bought a new stake in Enovix during the fourth quarter worth about $549,000. Oppenheimer & Co. Inc. grew its stake in Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after buying an additional 93,303 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares in the last quarter. One Wealth Advisors LLC acquired a new position in shares of Enovix during the third quarter worth approximately $700,000. Finally, Register Financial Advisors LLC lifted its position in shares of Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock worth $1,901,000 after purchasing an additional 110,750 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

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.