Enovix (NASDAQ:ENVX) Receives “Outperform” Rating from William Blair

William Blair restated their outperform rating on shares of Enovix (NASDAQ:ENVX) in a report released on Thursday morning, RTT News reports.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research report on Friday, April 26th. Cantor Fitzgerald reiterated an overweight rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. B. Riley reduced their price target on Enovix from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday. Finally, Canaccord Genuity Group reiterated a buy rating and set a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $25.29.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded up $0.62 during trading on Thursday, hitting $10.09. The stock had a trading volume of 11,963,656 shares, compared to its average volume of 5,634,649. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -7.53 and a beta of 1.70. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $7.88 and a two-hundred day simple moving average of $10.01.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative return on equity of 83.66% and a negative net margin of 1,448.90%. The firm had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. On average, equities research analysts expect that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 17.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ENVX. Electron Capital Partners LLC grew its stake in Enovix by 188.0% during the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock worth $33,871,000 after buying an additional 1,761,834 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. increased its position in Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares in the last quarter. Wellington Management Group LLP purchased a new position in Enovix during the third quarter worth $7,290,000. Finally, Sora Investors LLC purchased a new stake in shares of Enovix in the third quarter valued at $3,765,000. 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.