Enovix (NASDAQ:ENVX) Shares Up 5.1% – Still a Buy?

Enovix Co. (NASDAQ:ENVX) shares traded up 5.1% during trading on Friday . The company traded as high as $12.93 and last traded at $12.72. 1,741,676 shares were traded during mid-day trading, a decline of 78% from the average session volume of 7,887,829 shares. The stock had previously closed at $12.11.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ENVX. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective 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 target price on the stock. in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Enovix Stock Up 6.4 %

The stock has a 50-day moving average price of $10.23 and a 200-day moving average price of $10.89. 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 company has a market capitalization of $2.29 billion, a P/E ratio of -8.00 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period in the previous year, the firm earned ($0.27) earnings per share. On average, research analysts predict that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was 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 directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 15.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently modified their holdings of ENVX. Driehaus Capital Management LLC grew its position in shares of Enovix by 63.7% in the second 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 in the last quarter. Geode Capital Management LLC raised its holdings in Enovix by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after buying an additional 182,757 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after buying an additional 73,320 shares during the period. Stifel Financial Corp grew its stake in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares during the period. Finally, Old West Investment Management LLC increased its stake in shares of Enovix by 12.3% in the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after acquiring an additional 102,452 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.