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

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Benchmark reissued a “buy” rating and issued 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Trading Up 9.7 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -7.40 and a beta of 1.94. The company has a 50 day moving average of $9.56 and a 200-day moving average of $11.13.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping 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 the consensus estimate of $4.11 million. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. On average, research analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was 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 $4,462,965. The trade was a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. 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 have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC purchased a new stake in Enovix during the 3rd quarter worth about $27,000. Strategic Investment Solutions Inc. IL purchased a new position in Enovix during the second quarter worth about $39,000. Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after buying an additional 2,000 shares during the last quarter. Quest Partners LLC grew its position in 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 acquiring an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Enovix during the 2nd quarter worth $97,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.