Enovix (NASDAQ:ENVX) Trading Up 5.8% – Still a Buy?

Enovix Co. (NASDAQ:ENVX)’s share price was up 5.8% on Thursday . The company traded as high as $11.42 and last traded at $11.40. Approximately 2,675,972 shares were traded during trading, a decline of 70% from the average daily volume of 8,937,021 shares. The stock had previously closed at $10.78.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ENVX shares. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Down 2.1 %

The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm’s 50-day moving average price is $10.05 and its 200 day moving average price is $10.99. The firm has a market cap of $1.91 billion, a P/E ratio of -6.66 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter last year, the company posted ($0.27) earnings per share. On average, equities research analysts expect that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC acquired a new position in Enovix in the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new position in Enovix in the 2nd quarter worth approximately $39,000. Voisard Asset Management Group Inc. boosted its stake in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares during the period. Quest Partners LLC boosted its stake in Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the period. Finally, Secure Asset Management LLC acquired a new position in Enovix in the 3rd quarter worth approximately $97,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

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.