Enovix (NASDAQ:ENVX) Shares Up 7.8% – Should You Buy?

Shares of Enovix Co. (NASDAQ:ENVX) shot up 7.8% during trading on Monday . The stock traded as high as $8.25 and last traded at $8.25. 2,834,306 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 6,027,624 shares. The stock had previously closed at $7.65.

Analyst Ratings Changes

Several brokerages have recently commented on ENVX. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Price Performance

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’s 50-day moving average is $10.40 and its 200 day moving average is $10.07. The stock has a market capitalization of $1.51 billion, a PE ratio of -5.43 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, equities analysts expect that Enovix Co. will post -1.01 earnings per share for the current year.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 15.70% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the period. Electron Capital Partners LLC lifted its stake in shares of Enovix by 0.5% in the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after acquiring an additional 29,109 shares during the period. Geode Capital Management LLC lifted its stake in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after acquiring an additional 235,142 shares during the period. Royal Bank of Canada lifted its stake in shares of Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after acquiring an additional 28,591 shares during the period. Finally, Fred Alger Management LLC lifted its stake in shares of Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after acquiring an additional 1,250,300 shares during the period. Institutional investors and hedge funds 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.