Enovix (NASDAQ:ENVX) Trading Up 8.7% – Should You Buy?

Enovix Co. (NASDAQ:ENVX)’s stock price rose 8.7% during mid-day trading on Monday . The stock traded as high as $8.88 and last traded at $8.94. Approximately 652,694 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 5,889,296 shares. The stock had previously closed at $8.22.

Analyst Upgrades and Downgrades

ENVX has been the subject of several research reports. JPMorgan Chase & Co. cut their target price on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Craig Hallum lowered their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a 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 for the company in a research note on Tuesday, April 29th. Finally, Benchmark reduced their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Enovix Stock Performance

The business’s fifty day simple moving average is $7.17 and its 200-day simple moving average is $8.92. 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 company has a market capitalization of $1.68 billion, a P/E ratio of -6.04 and a beta of 2.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ENVX. Coppell Advisory Solutions LLC purchased a new position in Enovix during the 4th quarter worth $27,000. Stone House Investment Management LLC purchased a new position in shares of Enovix in the 1st quarter valued at $37,000. Sava Infond d.o.o. purchased a new position in shares of Enovix in the 4th quarter valued at $43,000. Parallel Advisors LLC increased its holdings in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after acquiring an additional 3,849 shares during the period. Finally, Hollencrest Capital Management increased its holdings in shares of Enovix by 61.4% in 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 period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.