Enovix (NASDAQ:ENVX) Shares Up 23.4% - Time to Buy?

Enovix Co. (NASDAQ:ENVX - Get Free Report) rose 23.4% during trading on Wednesday . The stock traded as high as $6.65 and last traded at $6.74. Approximately 7,073,953 shares traded hands during trading, an increase of 10% from the average daily volume of 6,405,281 shares. The stock had previously closed at $5.46.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Two research analysts have 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Enovix Trading Up 0.5 %

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 has a market capitalization of $1.15 billion, a PE ratio of -4.14 and a beta of 1.98. The firm's fifty day moving average is $8.66 and its two-hundred day moving average is $9.83.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. On average, equities analysts predict that Enovix Co. will post -1.01 EPS for the current fiscal year.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company's stock, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Lpwm LLC bought a new position in shares of Enovix in the fourth quarter worth approximately $549,000. Vanguard Group Inc. raised its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the period. Haven Private LLC bought a new position in shares of Enovix during the 4th quarter valued at approximately $454,000. Register Financial Advisors LLC increased its stake in shares of Enovix by 172.8% in the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company's stock worth $1,901,000 after purchasing an additional 110,750 shares in the last quarter. Finally, Amundi increased its stake in Enovix by 360.8% in the 4th quarter. Amundi now owns 235,369 shares of the company's stock worth $2,558,000 after buying an additional 184,294 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.