Enovix (NASDAQ:ENVX) Trading 14% Higher – Time to Buy?

Enovix Co. (NASDAQ:ENVX) shares shot up 14% on Monday . The company traded as high as $7.54 and last traded at $7.50. 4,224,821 shares were traded during mid-day trading, a decline of 30% from the average session volume of 6,068,012 shares. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of analyst reports. Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Craig Hallum cut their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. B. Riley decreased their target price on shares of Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Finally, TD Securities dropped their price target on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Enovix presently has an average rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Price Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock’s 50-day moving average is $6.98 and its two-hundred day moving average is $9.15. The stock has a market cap of $1.44 billion, a PE ratio of -5.16 and a beta of 1.99.

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

Insider Transactions at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the company’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 value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ENVX. Coppell Advisory Solutions LLC purchased a new position in Enovix during the 4th quarter worth $27,000. Fifth Third Bancorp grew its holdings in shares of Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the last quarter. Sava Infond d.o.o. acquired a new position in Enovix in the 4th quarter valued at about $43,000. Hollencrest Capital Management raised its stake in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Enovix during the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.