Enovix (NASDAQ:ENVX) Stock Price Up 0.3% - Should You Buy?

Enovix Co. (NASDAQ:ENVX - Get Free Report) traded up 0.3% during trading on Tuesday . The company traded as high as $11.52 and last traded at $11.49. 539,386 shares were traded 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 brokerages have recently commented on ENVX. TD Cowen increased their target price 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 reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Piper Sandler restated an "overweight" rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $21.67.

Enovix Trading Down 1.7 %

The firm has a fifty day moving average of $10.01 and a two-hundred day moving average of $10.92. The company has a market cap of $1.92 billion, a PE ratio of -8.41 and a beta of 1.98. 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 - Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million during 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%. As a group, sell-side analysts predict that Enovix Co. will post -1.21 EPS for the current year.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Driehaus Capital Management LLC grew its holdings in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company's stock worth $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company's stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. Old West Investment Management LLC raised its position in shares of Enovix by 47.6% during the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company's stock valued at $12,915,000 after buying an additional 269,371 shares in the last quarter. Finally, Refined Wealth Management lifted its holdings in shares of Enovix by 42.5% during the 1st quarter. Refined Wealth Management now owns 458,792 shares of the company's stock worth $3,675,000 after acquiring an additional 136,758 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other 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.