Enovix (NASDAQ:ENVX) Trading Up 5.1% – Still a Buy?

Enovix Co. (NASDAQ:ENVX) shares rose 5.1% on Thursday . The company traded as high as $11.79 and last traded at $11.66. Approximately 2,104,041 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 5,477,049 shares. The stock had previously closed at $11.09.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Canaccord Genuity Group increased their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Craig Hallum increased their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $21.33.

Enovix Stock Performance

The company has a market cap of $1.95 billion, a PE ratio of -8.54 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock’s 50-day simple moving average is $9.98 and its 200 day simple moving average is $10.85.

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

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 17.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

A number of institutional investors have recently bought and sold shares of ENVX. Driehaus Capital Management LLC increased its position in shares of Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. raised its position in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after acquiring an additional 513,508 shares during the last quarter. Old West Investment Management LLC lifted its holdings in shares of Enovix by 47.6% in the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after purchasing an additional 269,371 shares in the last quarter. Finally, Refined Wealth Management grew its position in shares of Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock valued at $3,675,000 after purchasing an additional 136,758 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.