Enovix Co. (NASDAQ:ENVX – Get Rating) shares rose 5.5% during trading on Friday . The company traded as high as $9.27 and last traded at $9.26. Approximately 774,909 shares changed hands during trading, a decline of 87% from the average daily volume of 5,817,735 shares. The stock had previously closed at $8.78.
A number of brokerages have recently weighed in on ENVX. Janney Montgomery Scott initiated coverage on shares of Enovix in a research report on Friday, November 4th. They set a “buy” rating and a $23.00 price target on the stock. Piper Sandler cut their price target on shares of Enovix from $26.50 to $22.50 and set an “overweight” rating on the stock in a research report on Monday, January 23rd. B. Riley lowered their price objective on shares of Enovix from $19.00 to $18.00 in a research note on Wednesday, January 4th. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $28.00 to $16.00 and set an “overweight” rating on the stock in a research note on Thursday, January 26th. Finally, Canaccord Genuity Group initiated coverage on shares of Enovix in a research note on Wednesday, January 11th. They set a “buy” rating and a $20.00 price objective on the stock. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $28.54.
Get Enovix alerts:The company has a market capitalization of $1.43 billion, a P/E ratio of -6.18 and a beta of 1.06. The firm has a fifty day moving average price of $10.05 and a 200-day moving average price of $14.74.
In other Enovix news, CTO Ashok Lahiri sold 2,000 shares of the stock in a transaction on 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 transaction, the chief technology officer now directly 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 through the SEC website . 20.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC bought a new position in shares of Enovix during the second quarter valued at about $130,000. Russell Investments Group Ltd. grew its stake in shares of Enovix by 289.2% in the third quarter. Russell Investments Group Ltd. now owns 230,493 shares of the company’s stock worth $4,224,000 after purchasing an additional 171,276 shares during the last quarter. ProShare Advisors LLC purchased a new stake in Enovix in the second quarter worth about $109,000. Virtu Financial LLC purchased a new stake in Enovix in the second quarter worth about $155,000. Finally, Arizona State Retirement System lifted its holdings in shares of Enovix by 8.0% during the second quarter. Arizona State Retirement System now owns 19,083 shares of the company’s stock valued at $170,000 after purchasing an additional 1,415 shares during the last quarter. Institutional investors own 55.62% of the company’s stock.
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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.
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