Enovix (NASDAQ:ENVX) Trading Up 3.7% – Time to Buy?

Enovix Co. (NASDAQ:ENVX)’s share price traded up 3.7% during mid-day trading on Friday . The stock traded as high as $11.04 and last traded at $11.04. 2,574,635 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 5,422,733 shares. The stock had previously closed at $10.65.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company’s 50 day moving average is $10.16 and its 200-day moving average is $10.55. The company has a market capitalization of $1.93 billion, a P/E ratio of -8.40 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last issued its 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 business 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%. Equities analysts anticipate that Enovix Co. will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in Enovix by 102.1% in the 2nd 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. Able Wealth Management LLC purchased a new position in shares of Enovix in the 4th quarter worth $34,000. Beacon Capital Management LLC grew its holdings in shares of Enovix by 71.9% in the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after acquiring an additional 1,798 shares during the period. GAMMA Investing LLC increased its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in Enovix in the second quarter valued at about $39,000. 50.92% of the stock is owned by hedge funds and other 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.