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

Enovix Co. (NASDAQ:ENVX)’s share price 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 traded.

Analysts Set New Price Targets

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

Enovix Trading Up 4.9 %

The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. The business has a 50 day simple moving average of $9.08 and a two-hundred day simple moving average of $10.39. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -4.63 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. As a group, equities analysts anticipate that Enovix Co. will post -1.13 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently modified their holdings of ENVX. Macquarie Group Ltd. acquired a new stake in Enovix during the third quarter valued at approximately $26,000. Beacon Capital Management LLC lifted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Enovix in the 3rd quarter worth $31,000. Carmel Capital Partners LLC acquired a new stake in shares of Enovix during the third quarter worth $34,000. Finally, Able Wealth Management LLC purchased a new stake in shares of Enovix during the fourth quarter valued at $34,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.