Enovix (NASDAQ:ENVX) Stock Price Up 2.7% – Time to Buy?

Enovix Co. (NASDAQ:ENVX)’s share price shot up 2.7% during trading on Friday . The stock traded as high as $11.90 and last traded at $11.74. 712,217 shares traded hands during trading, a decline of 87% from the average session volume of 5,468,235 shares. The stock had previously closed at $11.43.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ENVX shares. Benchmark started coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Canaccord Genuity Group upped their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Cowen increased their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The company has a market cap of $2.04 billion, a P/E ratio of -7.34 and a beta of 1.98. The company’s fifty day moving average is $9.97 and its 200 day moving average is $10.83. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. As a group, equities analysts predict that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares during the period. Driehaus Capital Management LLC increased its position in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the period. Scientech Research LLC bought a new position in Enovix in the 2nd quarter worth $834,000. Wealth Effects LLC lifted its position in shares of Enovix by 55.6% in the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after purchasing an additional 81,801 shares during the period. Finally, One Wealth Advisors LLC purchased a new stake in shares of Enovix in the 3rd quarter worth about $700,000. Institutional investors own 50.92% of the company’s stock.

About Enovix

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.