Enovix (NASDAQ:ENVX) Trading Up 3.9% – Still a Buy?

Enovix Co. (NASDAQ:ENVX)’s share price rose 3.9% during trading on Thursday . The company traded as high as $11.04 and last traded at $10.93. Approximately 988,942 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 5,434,890 shares. The stock had previously closed at $10.52.

Analyst Upgrades and Downgrades

ENVX has been the topic of a number of analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Craig Hallum boosted their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $21.67.

Enovix Stock Performance

The business has a fifty day simple moving average of $10.05 and a two-hundred day simple moving average of $10.97. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a market cap of $1.84 billion, a P/E ratio of -6.51 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. On average, sell-side analysts anticipate that Enovix Co. will post -1.21 EPS for the current year.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’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 of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 15.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares during the period. GAMMA Investing LLC grew its position in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix during the second quarter worth about $39,000. Beacon Capital Management LLC grew its position in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. Finally, Voisard Asset Management Group Inc. grew its position in shares of Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares in the last quarter. 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.