Enovix (NASDAQ:ENVX) Trading 5.7% Higher - Time to Buy?

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s share price traded up 5.7% during trading on Thursday . The stock traded as high as $10.65 and last traded at $10.65. 1,898,600 shares changed hands during trading, a decline of 66% from the average session volume of 5,606,391 shares. The stock had previously closed at $10.08.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ENVX shares. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research report on Tuesday, October 22nd. Janney Montgomery Scott cut shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Finally, Benchmark reiterated a "buy" rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Enovix Stock Performance

The firm's fifty day moving average price is $9.57 and its 200-day moving average price is $11.18. The company has a market cap of $2.03 billion, a P/E ratio of -7.09 and a beta of 1.94. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly 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. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period in the previous year, the company posted ($0.27) earnings per share. As a group, research analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares of the company's stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ENVX. Oppenheimer & Co. Inc. lifted its holdings in Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company's stock valued at $2,541,000 after purchasing an additional 93,303 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock valued at $8,875,000 after acquiring an additional 55,094 shares during the last quarter. One Wealth Advisors LLC bought a new position in shares of Enovix in the third quarter valued at approximately $700,000. Driehaus Capital Management LLC grew its position 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 last quarter. Finally, Scientech Research LLC acquired a new stake in Enovix during the 2nd quarter valued at $834,000. 50.92% of the stock is owned by 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.