Enovix (NASDAQ:ENVX) Shares Up 7.5% – Should You Buy?

Shares of Enovix Co. (NASDAQ:ENVX) traded up 7.5% during mid-day trading on Thursday . The company traded as high as $11.78 and last traded at $11.69. 2,020,928 shares were traded during mid-day trading, a decline of 64% from the average session volume of 5,619,786 shares. The stock had previously closed at $10.87.

Analyst Upgrades and Downgrades

Several research firms recently commented on ENVX. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

The company’s fifty day simple moving average is $9.62 and its two-hundred day simple moving average is $11.14. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -7.86 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the firm earned ($0.27) earnings per share. Equities research analysts predict 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 the 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 directly owns 99,497 shares in the company, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC bought a new stake in shares of Enovix during the third quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL bought a new stake in Enovix during the 2nd quarter valued at $39,000. Voisard Asset Management Group Inc. boosted its position in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares during the period. Quest Partners LLC grew its stake in shares of Enovix by 318.5% in the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Enovix during the second quarter valued at $97,000. 50.92% of the stock is currently owned by institutional investors.

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.