Enovix (NASDAQ:ENVX) Trading 23.4% Higher – Still a Buy?

Enovix Co. (NASDAQ:ENVX)’s stock price shot up 23.4% on Wednesday . The company traded as high as $6.65 and last traded at $6.74. 7,073,953 shares traded hands during trading, an increase of 10% from the average session volume of 6,405,281 shares. The stock had previously closed at $5.46.

Analyst Upgrades and Downgrades

ENVX has been the subject of several research reports. Craig Hallum lowered their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Trading Up 21.8 %

The firm has a market capitalization of $1.27 billion, a PE ratio of -4.59 and a beta of 1.98. The firm has a fifty day moving average of $9.11 and a 200 day moving average of $9.90. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

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

Insiders Place Their Bets

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

Institutional Trading of Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Fifth Third Bancorp increased its holdings in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after buying an additional 1,000 shares during the last quarter. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix in the 4th quarter worth approximately $27,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix during the 4th quarter valued at approximately $43,000. Parallel Advisors LLC lifted its stake in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock worth $55,000 after purchasing an additional 3,849 shares during the last quarter. Finally, Hollencrest Capital Management boosted its holdings in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.