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

Enovix Co. (NASDAQ:ENVX)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.03, but opened at $8.35. Enovix shares last traded at $8.80, with a volume of 1,512,940 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have commented on ENVX shares. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their target price 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 equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Stock Performance

The company has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. The stock has a 50 day simple moving average of $9.68 and a two-hundred day simple moving average of $11.19. 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 released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the firm earned ($0.27) EPS. Equities analysts predict that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in ENVX. Arizona State Retirement System raised its stake in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after buying an additional 905 shares in the last quarter. Blue Trust Inc. boosted 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 valued at $29,000 after buying an additional 957 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Enovix by 6.7% during the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after acquiring an additional 1,367 shares during the period. Clear Creek Financial Management LLC lifted its holdings in Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after acquiring an additional 1,400 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after acquiring an additional 1,434 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.