Enovix (NASDAQ:ENVX) Trading 0.3% Higher – Still a Buy?

Enovix Co. (NASDAQ:ENVX) rose 0.3% during mid-day trading on Tuesday . The stock traded as high as $11.52 and last traded at $11.49. Approximately 539,386 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 5,447,519 shares. The stock had previously closed at $11.46.

Analyst Ratings Changes

Several equities analysts recently weighed in on ENVX shares. Canaccord Genuity Group raised their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Craig Hallum upped their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Benchmark initiated coverage on shares of Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $21.67.

Enovix Price Performance

The business has a 50-day moving average price of $10.01 and a 200 day moving average price of $10.92. The stock has a market cap of $2.00 billion, a PE ratio of -7.14 and a beta of 1.98. 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 posted its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $3.85 million. As a group, research analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other Enovix news, 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 completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ENVX. Arizona State Retirement System boosted its holdings in shares of Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after purchasing an additional 905 shares in the last quarter. Blue Trust Inc. grew its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the last quarter. Voisard Asset Management Group Inc. raised its stake in shares of Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after acquiring an additional 1,434 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC grew its holdings in shares of Enovix by 9.7% during the 2nd quarter. Kohmann Bosshard Financial Services LLC now owns 17,000 shares of the company’s stock valued at $263,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors 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.