Enovix (NASDAQ:ENVX) Stock Price Up 3.3% – Should You Buy?

Enovix Co. (NASDAQ:ENVX)’s stock price traded up 3.3% during trading on Wednesday . The company traded as high as $12.30 and last traded at $12.20. 1,234,466 shares were traded during mid-day trading, a decline of 77% from the average session volume of 5,448,124 shares. The stock had previously closed at $11.81.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Cowen raised their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Benchmark started coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Canaccord Genuity Group raised their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Buy” and a consensus target price of $21.33.

Enovix Stock Up 5.6 %

The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -9.37 and a beta of 1.98. The business has a fifty day moving average of $9.94 and a 200 day moving average of $10.67. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

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

Institutional Trading of Enovix

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised 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 acquiring an additional 957 shares in the last quarter. Able Wealth Management LLC purchased a new position in Enovix in the fourth quarter valued at $34,000. Beacon Capital Management LLC increased its holdings in Enovix by 71.9% in the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after buying an additional 1,798 shares during the last quarter. GAMMA Investing LLC increased its holdings in Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Enovix in the second quarter valued at $39,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.