Enovix (NASDAQ:ENVX) Trading Up 6.5% – Should You Buy?

Enovix Co. (NASDAQ:ENVX) traded up 6.5% on Wednesday . The stock traded as high as $9.27 and last traded at $9.21. 2,180,686 shares changed hands during trading, a decline of 61% from the average session volume of 5,579,715 shares. The stock had previously closed at $8.65.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ENVX. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Two research analysts have 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Down 6.1 %

The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -5.04 and a beta of 1.94. The stock has a fifty day moving average of $9.91 and a two-hundred day moving average of $11.24. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the company earned ($0.27) earnings per share. Sell-side analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Enovix during the second quarter valued at about $39,000. Prospera Private Wealth LLC acquired a new stake in shares of Enovix in the 3rd quarter worth about $27,000. Emfo LLC bought a new position in Enovix in the 2nd quarter valued at about $93,000. Finally, Headlands Technologies LLC acquired a new position in Enovix during the 2nd quarter valued at about $97,000. Institutional investors and hedge funds 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.