Enovix (NASDAQ:ENVX) Shares Gap Up to $6.70

Enovix Co. (NASDAQ:ENVX) shares gapped up before the market opened on Tuesday . The stock had previously closed at $6.70, but opened at $7.02. Enovix shares last traded at $6.91, with a volume of 1,550,874 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ENVX. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.29.

Enovix Trading Down 3.8 %

The business has a 50-day simple moving average of $8.96 and a two-hundred day simple moving average of $10.32. 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 announced its quarterly 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 net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. As a group, research analysts predict that Enovix Co. will post -1.13 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Several large investors have recently made changes to their positions in ENVX. JPMorgan Chase & Co. grew its holdings in shares of Enovix by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 106,242 shares of the company’s stock worth $1,516,000 after purchasing an additional 5,258 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Enovix by 61.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 23,800 shares of the company’s stock worth $340,000 after purchasing an additional 9,100 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Enovix by 18.8% during the first quarter. HighTower Advisors LLC now owns 33,723 shares of the company’s stock worth $483,000 after purchasing an additional 5,335 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Enovix by 129.2% during the first quarter. Citigroup Inc. now owns 20,144 shares of the company’s stock worth $287,000 after purchasing an additional 11,355 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Enovix by 1.2% during the first quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock worth $21,376,000 after purchasing an additional 18,009 shares during 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.