Enovix (NASDAQ:ENVX) Shares Gap Up Following Earnings Beat

Enovix Co. (NASDAQ:ENVX)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $10.63, but opened at $11.60. Enovix shares last traded at $10.63, with a volume of 1,621,649 shares.

The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the firm earned ($0.27) EPS.

Analyst Ratings Changes

Several analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. JPMorgan Chase & Co. cut their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Canaccord Genuity Group increased their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $21.67.

Insiders Place Their Bets

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 15.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Blue Trust Inc. grew its stake in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. Beacon Capital Management LLC increased its holdings in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix during the second quarter worth approximately $39,000. Finally, Voisard Asset Management Group Inc. boosted its holdings in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Price Performance

The company has a market capitalization of $1.87 billion, a PE ratio of -6.64 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company’s 50 day simple moving average is $10.08 and its 200 day simple moving average is $11.07.

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.