Enovix (NASDAQ:ENVX) Shares Up 7.8%

Posted by Defense World Staff on Mar 25th, 2023

Enovix Co. (NASDAQ:ENVX – Get Rating)’s share price shot up 7.8% during trading on Thursday . The company traded as high as $11.89 and last traded at $11.87. 825,295 shares were traded during mid-day trading, a decline of 83% from the average session volume of 4,817,040 shares. The stock had previously closed at $11.01.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ENVX. Craig Hallum cut their price target on Enovix from $23.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 23rd. B. Riley cut their price target on Enovix from $19.00 to $18.00 in a report on Wednesday, January 4th. Piper Sandler raised their price target on Enovix from $22.50 to $25.00 and gave the stock an “overweight” rating in a report on Thursday, February 23rd. EF Hutton Acquisition Co. I reissued a “buy” rating and set a $18.00 price objective on shares of Enovix in a research note on Thursday, February 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Enovix from $28.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 26th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and an average price target of $27.92.

Enovix Stock Performance

The company has a 50 day simple moving average of $9.12 and a 200-day simple moving average of $12.80.

Insiders Place Their Bets

In other Enovix news, CTO Ashok Lahiri sold 2,000 shares of Enovix stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $12.81, for a total transaction of $25,620.00. Following the completion of the sale, the chief technology officer now owns 1,358,265 shares of the company’s stock, valued at $17,399,374.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Thurman J. Rodgers acquired 65,134 shares of the firm’s stock in a transaction dated Friday, March 10th. The shares were purchased at an average price of $9.56 per share, for a total transaction of $622,681.04. Following the completion of the acquisition, the director now owns 465,134 shares in the company, valued at $4,446,681.04. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CTO Ashok Lahiri sold 2,000 shares of Enovix stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $12.81, for a total value of $25,620.00. Following the completion of the transaction, the chief technology officer now owns 1,358,265 shares in the company, valued at approximately $17,399,374.65. The disclosure for this sale can be found here. Insiders bought a total of 174,590 shares of company stock valued at $1,818,054 over the last 90 days. Insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ENVX. JPMorgan Chase & Co. increased its holdings in shares of Enovix by 5.2% in the first quarter. JPMorgan Chase & Co. now owns 106,242 shares of the company’s stock worth $1,516,000 after buying an additional 5,258 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Enovix by 61.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 23,800 shares of the company’s stock worth $340,000 after buying an additional 9,100 shares during the period. HighTower Advisors LLC increased its holdings in shares of Enovix by 18.8% in the first quarter. HighTower Advisors LLC now owns 33,723 shares of the company’s stock worth $483,000 after buying an additional 5,335 shares during the period. Citigroup Inc. increased its holdings in shares of Enovix by 129.2% in the first quarter. Citigroup Inc. now owns 20,144 shares of the company’s stock worth $287,000 after buying an additional 11,355 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Enovix by 1.2% in the first quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock worth $21,376,000 after buying an additional 18,009 shares during the period. Hedge funds and other institutional investors own 55.62% of the company’s stock.

Enovix Company Profile

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Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.