Enovix (NASDAQ:ENVX) Shares Up 5.9% - What's Next?

Shares of Enovix Corporation (NASDAQ:ENVX) experienced a notable increase of 5.9% on Tuesday, bringing the trading price to $8.83 after peaking at $8.84 during the day. In total, around 1,188,611 shares changed hands, a significant drop of 79% compared to the average daily volume of 5,623,426 shares. The previous closing price for the stock was $8.34.

Wall Street Analyst Insights

Several research analysts have provided their insights on Enovix shares. Craig Hallum raised their target price from $15.00 to $20.00, designating a "buy" rating for the company as of August 1st. Canaccord Genuity Group also increased their price objective from $17.00 to $20.00, issuing a "buy" rating similarly on August 1st. On the other hand, Janney Montgomery Scott downgraded Enovix from a "buy" to a "neutral" rating, setting a target price of $10.00 on October 31st.

Piper Sandler reaffirmed their "overweight" rating but lowered their price target from $23.00 to $19.00 in a report dated August 5th. Lastly, TD Cowen adjusted their price objective upward from $11.00 to $14.00, maintaining a "hold" rating as of August 1st. Currently, two analysts have rated the stock as a hold, while eight recommend it as a buy, and one gives a strong buy rating. Data from MarketBeat.com suggests that the stock holds a consensus rating of "Moderate Buy" with an average target price of $20.50.

Enovix Stock Performance

The financial health of the company can be summarized by its debt-to-equity ratio of 0.99, a quick ratio of 3.61, and a current ratio of 3.77. Enovix boasts a market capitalization of $1.61 billion, with a price-to-earnings ratio of -5.52 and a beta of 1.99. The company’s 50-day moving average is set at $9.99, while the 200-day moving average stands at $11.15.

In its latest quarterly earnings report dated October 29th, Enovix presented an EPS of ($0.17), slightly beating analysts' expectations of ($0.20) by $0.03. The total revenue reported was $4.30 million, which exceeded anticipated figures of $4.11 million. The company continues to face challenges, reporting a negative net margin of 1,180.21% and a negative ROE of 102.19%. Comparatively, during the same quarter last year, the earnings EPS was ($0.27). Analysts predict that Enovix will report an EPS of -1.2 for the current fiscal year.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix on October 14th for an average price of $13.00, yielding a total transaction value of $455,000. Following this sale, Chakravarthy retains ownership of 343,305 shares, valued at about $4,462,965. This transaction constituted a 0.00% reduction in their holdings, and the details were disclosed in a filing with the Securities and Exchange Commission. Notably, corporate insiders collectively own 15.70% of the stock.

Institutional Activity

Recent trends indicate a shift among institutional investors regarding their holdings in ENVX. For instance, Blue Trust Inc. increased its stake by 102.1% during the second quarter, now owning 1,894 shares valued at approximately $29,000 after acquiring an additional 957 shares. Meanwhile, Beacon Capital Management LLC raised its holdings by 71.9%, now totaling 4,298 shares worth about $34,000 after a recent acquisition.

Furthermore, GAMMA Investing LLC made a substantial gain of 11,176.2% during the second quarter, with their stock now amounting to 2,368 shares valued at approximately $37,000. Strategic Investment Solutions Inc. IL also entered a new position within the second quarter totaling $39,000, while Voisard Asset Management Group Inc. increased their holdings by 40.0% in Q3, now owning 7,000 shares valued at $65,000. Presently, institutional investors and hedge funds hold about 50.92% of Enovix stock.

About Enovix

Enovix Corporation specializes in designing, developing, and manufacturing lithium-ion batteries. Their products serve a wide array of industries, including wearables, IoT, smartphones, laptops, industrial, medical, and electric vehicles. The company was established in 2007 and has its headquarters located in Fremont, California.

stocks, investing, batteries