Enovix (NASDAQ:ENVX) Shares Gap Up - Time to Buy?

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares gapped up prior to trading 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 changing hands.

Wall Street Analyst Weigh In

ENVX has been the subject of several recent analyst reports. Benchmark restated a "buy" rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their target price on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott cut shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.50.

Enovix Stock Up 15.0 %

The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -8.90 and a beta of 1.86. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm's 50-day simple moving average is $9.65 and its two-hundred day simple moving average is $11.13.

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

Insiders Place Their Bets

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 343,305 shares of the company's stock, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The shares were 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 owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Enovix in the 3rd quarter worth $27,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Enovix in the second quarter worth about $39,000. Voisard Asset Management Group Inc. grew its stake in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock valued at $65,000 after purchasing an additional 2,000 shares in the last quarter. Quest Partners LLC grew its stake in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company's stock valued at $77,000 after purchasing an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Enovix during the 2nd quarter worth approximately $97,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.