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

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

Analyst Ratings Changes

ENVX has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Finally, William Blair assumed coverage on shares of Enovix in a research note on Monday, December 18th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and an average target price of $28.29.

Enovix Price Performance

The stock has a market cap of $1.18 billion, a PE ratio of -4.63 and a beta of 1.62. The business’s 50-day simple moving average is $9.08 and its 200-day simple moving average is $10.39. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data 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). The business had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, research analysts expect that Enovix Co. will post -1.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Register Financial Advisors LLC boosted its stake in shares of Enovix by 40.4% in the first quarter. Register Financial Advisors LLC now owns 63,900 shares of the company’s stock worth $512,000 after acquiring an additional 18,400 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in Enovix by 36.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after purchasing an additional 3,936 shares in the last quarter. Game Plan Financial Advisors LLC grew its position in shares of Enovix by 65.2% during the first quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock valued at $81,000 after purchasing an additional 4,000 shares in the last quarter. Salem Investment Counselors Inc. increased its holdings in shares of Enovix by 34.8% in the first quarter. Salem Investment Counselors Inc. now owns 155,045 shares of the company’s stock worth $1,242,000 after purchasing an additional 40,000 shares during the last quarter. Finally, Vanguard Group Inc. lifted 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 buying an additional 513,508 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.