Shares of Enovix Co. (NASDAQ:ENVX – Get Free Report) were up 7.8% on Monday . The company traded as high as $8.25 and last traded at $8.25. Approximately 2,834,306 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 6,027,624 shares. The stock had previously closed at $7.65.
Wall Street Analyst Weigh In
A number of research firms have issued reports on ENVX. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.
Get Our Latest Analysis on ENVX
Enovix Stock Performance
Enovix (NASDAQ:ENVX – Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Analysts expect that Enovix Co. will post -1.01 earnings per share for the current year.
Insider Activity at Enovix
In related news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.70% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Enovix
A number of large investors have recently bought and sold shares of ENVX. Lpwm LLC acquired a new stake in Enovix in the fourth quarter valued at $549,000. Oppenheimer & Co. Inc. boosted its stake in shares of Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after acquiring an additional 93,303 shares in the last quarter. Stifel Financial Corp grew its holdings in shares of Enovix by 6.2% in the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after acquiring an additional 55,094 shares during the period. Haven Private LLC acquired a new position in Enovix during the fourth quarter worth $454,000. Finally, Register Financial Advisors LLC boosted its position in 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. 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.
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