Enovix Corporation (NASDAQ: ENVX) stock jumped 2.02% on Friday to $11.60 against a previous-day closing price of $11.37. With 3.19 million shares changed hands, the volume of the stock remained lighter than its average volume of 4.84 million shares. During the session, the Electrical Equipment & Parts company that operates in wider Industrials sector, reached to the highest price of $11.70 whereas the lowest price it dropped to was $11.29. The 52-week range on ENVX shows that it touched its highest point at $23.90 and its lowest point at $6.50 during that stretch. It currently has a 1-year price target of $28.67. Beta for the stock currently stands at 1.74.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ENVX was up-trending over the past week, with a rise of 11.11%, but this was up by 13.61% over a month. Three-month performance dropped to -16.49% while six-month performance fell -0.60%. The stock lost -15.20% in the past year, while it has lost -6.75% so far this year. A look at the trailing 12-month EPS for ENVX yields -1.45 with Next year EPS estimates of -0.93. For the next quarter, that number is -0.27. This implies an EPS growth rate of -61.63% for this year and 2.38% for next year.
Float and Shares Shorts:
At present, 157.46 million ENVX shares are outstanding with a float of 135.12 million shares on hand for trading. On Oct 30, 2023, short shares totaled 39.85 million, which was 24.65% higher than short shares on Sep 28, 2023. In addition to Dr. Thurman John Rodgers Ph.D. as the firm’s Executive Chairman of the Board, Mr. Ajay Marathe serves as its Chief Operating Officer.
Through their ownership of 51.18% of ENVX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 33.26% of ENVX, in contrast to 29.32% held by mutual funds. Shares owned by individuals account for 20.97%. As the largest shareholder in ENVX with 7.51% of the stake, The Vanguard Group, Inc. holds 12,023,532 shares worth 12,023,532. A second-largest stockholder of ENVX, BlackRock Fund Advisors, holds 8,163,776 shares, controlling over 5.10% of the firm’s shares. Park West Asset Management LLC is the third largest shareholder in ENVX, holding 3,803,314 shares or 2.38% stake. With a 2.55% stake in ENVX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 4,081,601 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.06% of ENVX stock, is the second-largest Mutual Fund holder. It holds 3,304,695 shares valued at 29.44 million. iShares Russell 2000 ETF holds 1.99% of the stake in ENVX, owning 3,182,651 shares worth 28.36 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ENVX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ENVX analysts setting a high price target of $100.00 and a low target of $11.00, the average target price over the next 12 months is $28.67. Based on these targets, ENVX could surge 762.07% to reach the target high and fall by -5.17% to reach the target low. Reaching the average price target will result in a growth of 147.16% from current levels.
Summary of Insider Activity:
Insiders traded ENVX stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 1,434 shares were bought while 0 shares were sold. The number of buy transactions has increased to 37 while that of sell transactions has risen to 55 over the past year. The total number of shares bought during that period was 3,707,798 while 347,944 shares were sold.