Enovix (NASDAQ:ENVX) Shares Up 2.7% – Time to Buy?

Shares of Enovix Co. (NASDAQ:ENVX) traded up 2.7% on Friday . The company traded as high as $11.90 and last traded at $11.74. 712,217 shares traded hands during trading, a decline of 87% from the average session volume of 5,468,235 shares. The stock had previously closed at $11.43.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ENVX shares. Oppenheimer reissued an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Canaccord Genuity Group increased their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 target price on the stock. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, Cantor Fitzgerald restated 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix currently has an average rating of “Buy” and an average target price of $21.33.

Enovix Stock Performance

The firm’s 50 day simple moving average is $9.98 and its 200 day simple moving average is $10.88. The firm has a market cap of $1.95 billion, a PE ratio of -8.54 and a beta of 1.98. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, research analysts forecast that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’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 sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 17.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Secure Asset Management LLC purchased a new position in shares of Enovix in the 3rd quarter worth approximately $97,000. Good Life Advisors LLC lifted its position in Enovix by 10.9% in the third quarter. Good Life Advisors LLC now owns 46,213 shares of the company’s stock worth $432,000 after buying an additional 4,524 shares during the last quarter. One Wealth Advisors LLC purchased a new position in Enovix during the third quarter worth $700,000. Magnus Financial Group LLC increased its position in Enovix by 39.2% during the third quarter. Magnus Financial Group LLC now owns 15,655 shares of the company’s stock valued at $146,000 after acquiring an additional 4,405 shares during the last quarter. Finally, Strong Tower Advisory Services purchased a new stake in shares of Enovix in the third quarter valued at $260,000. 50.92% of the stock is currently 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.