Enovix (NASDAQ:ENVX) Shares Up 11.9% – What’s Next?

Enovix Corporation (NASDAQ:ENVX) shares rose 11.9% on Monday . The stock traded as high as $5.66 and last traded at $5.6610. Approximately 2,393,533 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 6,219,545 shares. The stock had previously closed at $5.06.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Oppenheimer reissued an “outperform” rating on shares of Enovix in a report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Craig Hallum lowered their price target on Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group dropped their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Finally, Bank of America initiated coverage on Enovix in a report on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Enovix has a consensus rating of “Hold” and an average target price of $13.46.

Enovix Trading Up 11.6%

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -7.33 and a beta of 2.16. The business’s fifty day moving average is $5.66 and its 200 day moving average is $8.07. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ENVX. Vanguard Group Inc. grew its holdings in shares of Enovix by 10.9% during the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after buying an additional 1,747,145 shares in the last quarter. Millennium Management LLC boosted its position in Enovix by 1,038.9% during the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock worth $14,724,000 after acquiring an additional 1,347,200 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Enovix by 9,197.1% during the 3rd quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock worth $11,974,000 after acquiring an additional 1,188,079 shares in the last quarter. Barclays PLC grew its stake in shares of Enovix by 263.1% during the 4th quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock worth $11,345,000 after acquiring an additional 1,124,480 shares in the last quarter. Finally, Electron Capital Partners LLC raised its holdings in shares of Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after purchasing an additional 972,103 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.