Enovix (NASDAQ:ENVX) Trading 5.7% Higher – Still a Buy?

Enovix Co. (NASDAQ:ENVX)’s stock price was up 5.7% during mid-day trading on Thursday . The company traded as high as $10.65 and last traded at $10.65. Approximately 1,898,600 shares traded hands during trading, a decline of 66% from the average daily volume of 5,606,391 shares. The stock had previously closed at $10.08.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Performance

The company has a market cap of $2.01 billion, a price-to-earnings ratio of -7.01 and a beta of 1.94. 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 firm has a fifty day simple moving average of $9.57 and a 200 day simple moving average of $11.18.

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

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Prospera Private Wealth LLC acquired a new stake in shares of Enovix during the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL bought a new stake in Enovix in the 2nd quarter valued at $39,000. Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares during the period. Quest Partners LLC boosted its position in shares of Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after acquiring an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Enovix in the second quarter valued at about $97,000. 50.92% of the stock is currently owned by 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.