Enovix (NASDAQ:ENVX) Shares Up 5.6% – Still a Buy?

Enovix Corporation (NASDAQ:ENVX)’s stock price was up 5.6% on Tuesday . The company traded as high as $8.66 and last traded at $8.57. Approximately 1,046,833 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,871,169 shares. The stock had previously closed at $8.11.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ENVX shares. Benchmark decreased their target price on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. TD Securities cut their price target on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Finally, B. Riley cut their price target on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Enovix has a consensus rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Trading Up 4.8%

The stock has a 50 day moving average of $7.45 and a 200-day moving average of $8.87. The company has a market capitalization of $1.63 billion, a P/E ratio of -6.59 and a beta of 2.00. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ENVX. Rhumbline Advisers grew its stake in shares of Enovix by 4.1% during the 4th quarter. Rhumbline Advisers now owns 219,070 shares of the company’s stock valued at $2,381,000 after acquiring an additional 8,564 shares during the period. Atria Wealth Solutions Inc. boosted its stake in Enovix by 11.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 21,594 shares of the company’s stock worth $235,000 after purchasing an additional 2,250 shares during the period. Private Advisor Group LLC boosted its stake in Enovix by 17.4% in the 4th quarter. Private Advisor Group LLC now owns 117,251 shares of the company’s stock worth $1,275,000 after purchasing an additional 17,351 shares during the period. Concurrent Investment Advisors LLC boosted its stake in Enovix by 79.0% in the 4th quarter. Concurrent Investment Advisors LLC now owns 63,481 shares of the company’s stock worth $690,000 after purchasing an additional 28,023 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in Enovix in the 4th quarter worth approximately $1,380,000. 50.92% of the stock is currently owned by institutional investors.

Enovix Company Profile

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.