Enovix (NASDAQ:ENVX) Trading Up 14% – Still a Buy?

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ENVX shares. JPMorgan Chase & Co. dropped their price objective on Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. B. Riley dropped their price objective on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. TD Securities decreased their price target on shares of Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Finally, Benchmark reduced their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Price Performance

The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock has a 50 day simple moving average of $6.98 and a 200-day simple moving average of $9.15. The firm has a market cap of $1.44 billion, a PE ratio of -5.16 and a beta of 1.99.

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

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 2,045,301 shares in the company, valued at $19,123,564.35. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Fred Alger Management LLC lifted its holdings in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after purchasing an additional 1,250,300 shares in the last quarter. CenterBook Partners LP boosted its stake in Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock worth $12,746,000 after purchasing an additional 721,309 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Enovix during the 4th quarter worth $3,484,000. Finally, Frontier Capital Management Co. LLC purchased a new stake in shares of Enovix during the fourth quarter worth $3,397,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.