Enovix (NASDAQ:ENVX) Shares Up 0.9% – Time to Buy?

Shares of Enovix Co. (NASDAQ:ENVX) shot up 0.9% during trading on Monday . The stock traded as high as $13.14 and last traded at $12.91. 1,239,618 shares were traded during trading, a decline of 77% from the average session volume of 5,450,229 shares. The stock had previously closed at $12.79.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ENVX. Oppenheimer restated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Canaccord Genuity Group raised 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. Craig Hallum raised their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark started coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Finally, B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The company has a market capitalization of $1.89 billion, a P/E ratio of -8.24 and a beta of 1.98. The stock has a fifty day simple moving average of $9.97 and a 200-day simple moving average of $10.82. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

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

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated 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 $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ENVX. Vanguard Group Inc. boosted its stake in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the period. Scientech Research LLC acquired a new stake in Enovix during the 2nd quarter worth $834,000. Wealth Effects LLC grew its holdings in Enovix by 55.6% during the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after acquiring an additional 81,801 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its holdings in Enovix by 36.6% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after acquiring an additional 3,936 shares during the period. Institutional investors 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.