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

Enovix Co. (NASDAQ:ENVX)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $12.46, but opened at $14.15. Enovix shares last traded at $15.66, with a volume of 6,009,226 shares traded.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average of $9.65 and a 200 day moving average of $11.13. The stock has a market capitalization of $2.63 billion, a PE ratio of -9.16 and a beta of 1.86.

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

Insider Activity

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix 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 transaction, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC acquired a new position in shares of Enovix during the third quarter worth about $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in Enovix during the second quarter valued at approximately $39,000. Voisard Asset Management Group Inc. raised its stake in Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after buying an additional 2,000 shares in the last quarter. Quest Partners LLC raised its stake in Enovix by 318.5% during the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after buying an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Enovix during the second quarter valued at approximately $97,000. 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.