Enovix (NASDAQ:ENVX) Trading 7.9% Higher – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s stock price shot up 7.9% during mid-day trading on Monday . The company traded as high as $8.77 and last traded at $8.96. 769,077 shares changed hands during trading, a decline of 87% from the average session volume of 5,955,431 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. TD Securities dropped their price target on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. B. Riley dropped their price target on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. JPMorgan Chase & Co. dropped their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Finally, Craig Hallum dropped their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Enovix Price Performance

The firm has a market capitalization of $1.68 billion, a P/E ratio of -6.06 and a beta of 2.00. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average price of $6.95 and a 200-day moving average price of $8.95.

Institutional Trading of Enovix

A number of institutional investors have recently bought and sold shares of the stock. Deutsche Bank AG increased its stake in Enovix by 44.8% in the fourth quarter. Deutsche Bank AG now owns 140,606 shares of the company’s stock worth $1,528,000 after purchasing an additional 43,498 shares during the period. Vanguard Group Inc. boosted its position in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Strong Tower Advisory Services boosted its holdings in Enovix by 93.1% in the first quarter. Strong Tower Advisory Services now owns 144,045 shares of the company’s stock worth $1,057,000 after acquiring an additional 69,435 shares in the last quarter. Haven Private LLC acquired a new stake in Enovix in the fourth quarter worth about $454,000. Finally, Amundi boosted its holdings in Enovix by 360.8% in the fourth quarter. Amundi now owns 235,369 shares of the company’s stock worth $2,558,000 after acquiring an additional 184,294 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.