Enovix (NASDAQ:ENVX) Trading 5.7% Higher – Time to Buy?

Enovix Co. (NASDAQ:ENVX) shares shot up 5.7% during mid-day trading on Thursday . The company traded as high as $10.65 and last traded at $10.65. 1,898,600 shares were traded during mid-day trading, a decline of 66% from the average session volume of 5,606,391 shares. The stock had previously closed at $10.08.

Analyst Ratings Changes

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

Enovix Stock Performance

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 stock’s 50 day simple moving average is $9.57 and its two-hundred day simple moving average is $11.18. The company has a market capitalization of $2.01 billion, a P/E ratio of -7.01 and a beta of 1.94.

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

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC bought a new stake in shares of Enovix in the 3rd quarter valued at about $27,000. Strategic Investment Solutions Inc. IL bought a new stake in Enovix in the second quarter valued at approximately $39,000. Voisard Asset Management Group Inc. raised its holdings in Enovix by 40.0% in the third 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 position in shares of Enovix by 318.5% during 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 in the 2nd quarter valued at $97,000. 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.