Enovix (NASDAQ:ENVX) Stock Price Up 0.3% – Time to Buy?

Enovix Co. (NASDAQ:ENVX) shares traded up 0.3% during trading on Tuesday . The stock traded as high as $11.52 and last traded at $11.49. 539,386 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 5,447,519 shares. The stock had previously closed at $11.46.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. TD Cowen upped their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. One 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $21.67.

Enovix Trading Down 1.0 %

The company has a market cap of $2.00 billion, a PE ratio of -7.14 and a beta of 1.98. The stock has a 50 day moving average price of $10.01 and a 200 day moving average price of $10.92. 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 released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. Sell-side analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in Enovix by 23.6% during the 3rd quarter. Private Advisor Group LLC now owns 99,900 shares of the company’s stock valued at $933,000 after purchasing an additional 19,056 shares during the last quarter. Wealth Effects LLC boosted its position in shares of Enovix by 7.2% during the third quarter. Wealth Effects LLC now owns 245,501 shares of the company’s stock valued at $2,293,000 after buying an additional 16,500 shares during the last quarter. Secure Asset Management LLC bought a new stake in Enovix in the 3rd quarter worth about $97,000. Good Life Advisors LLC raised its position in Enovix by 10.9% in the 3rd 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. Finally, One Wealth Advisors LLC bought a new position in Enovix during the 3rd quarter valued at about $700,000. Institutional investors own 50.92% of the company’s stock.

About Enovix

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.