Enovix (NASDAQ:ENVX) Trading 6.5% Higher - Still a Buy?

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares were up 6.5% during mid-day trading on Wednesday . The company traded as high as $9.27 and last traded at $9.21. Approximately 2,180,686 shares changed hands during trading, a decline of 61% from the average daily volume of 5,579,715 shares. The stock had previously closed at $8.65.

Wall Street Analyst Weigh In

ENVX has been the subject of several analyst reports. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Benchmark reaffirmed a "buy" rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a report on Tuesday, October 22nd. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.50.

Enovix Price Performance

The company has a market capitalization of $1.45 billion, a PE ratio of -5.04 and a beta of 1.94. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The firm's 50-day moving average is $9.82 and its 200-day moving average is $11.21.

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

Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred 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 directly owns 99,497 shares of the company's stock, valued at $968,105.81. The trade was a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company's stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company's stock.

Institutional Investors Weigh In On Enovix

Institutional investors have recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Enovix during the third quarter worth $27,000. Blue Trust Inc. raised its position in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the 2nd quarter valued at about $39,000. Voisard Asset Management Group Inc. grew its position in shares of Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock worth $65,000 after buying an additional 2,000 shares in the last quarter. Finally, Quest Partners LLC increased its stake in shares of Enovix by 318.5% during the third quarter. Quest Partners LLC now owns 8,270 shares of the company's stock worth $77,000 after buying an additional 6,294 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

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.