Enovix (NASDAQ:ENVX) Trading Up 5.8% – Time to Buy?

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Benchmark reissued a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two equities 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 stock. Based on data from MarketBeat, Enovix currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

The stock’s 50-day moving average is $9.98 and its two-hundred day moving average is $11.02. The stock has a market cap of $1.96 billion, a PE ratio of -6.90 and a beta of 1.86. 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 data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.11 million. During the same quarter last year, the firm posted ($0.27) earnings per share. On average, equities analysts predict that Enovix Co. will post -1.17 earnings per share for the current 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 value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % 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 this hyperlink. 15.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently modified their holdings of the business. Strong Tower Advisory Services increased its stake in Enovix by 167.5% in the fourth quarter. Strong Tower Advisory Services now owns 74,610 shares of the company’s stock valued at $811,000 after purchasing an additional 46,722 shares during the period. Udine Wealth Management Inc. raised its stake in Enovix by 1.7% during the 4th quarter. Udine Wealth Management Inc. now owns 207,040 shares of the company’s stock valued at $2,251,000 after acquiring an additional 3,556 shares during the last quarter. HB Wealth Management LLC lifted its position in Enovix by 63.0% during the 4th quarter. HB Wealth Management LLC now owns 16,628 shares of the company’s stock worth $181,000 after acquiring an additional 6,426 shares during the period. Wealthcare Advisory Partners LLC grew its stake in shares of Enovix by 6.2% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after purchasing an additional 1,214 shares during the last quarter. Finally, Channel Wealth LLC increased its holdings in shares of Enovix by 12.9% in the fourth quarter. Channel Wealth LLC now owns 156,435 shares of the company’s stock valued at $1,700,000 after purchasing an additional 17,825 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

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.