Enovix (NASDAQ:ENVX) Shares Up 5.1% – Should You Buy?

Enovix Co. (NASDAQ:ENVXGet Free Report)’s share price shot up 5.1% during trading on Friday . The company traded as high as $12.93 and last traded at $12.72. 1,741,676 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 7,887,829 shares. The stock had previously closed at $12.11.

Analysts Set New Price Targets

Several research firms recently commented on ENVX. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Read Our Latest Report on ENVX

Enovix Stock Up 6.4 %

The firm has a market cap of $2.29 billion, a PE ratio of -8.00 and a beta of 1.86. The business’s 50 day moving average price is $10.23 and its 200 day moving average price is $10.89. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVXGet Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to analyst estimates 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 period in the previous year, the business earned ($0.27) EPS. On average, equities research analysts expect that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix during the second quarter worth about $39,000. Prospera Private Wealth LLC acquired a new stake in shares of Enovix in the third quarter valued at approximately $27,000. R Squared Ltd bought a new stake in Enovix during the 4th quarter valued at $64,000. Finally, Voisard Asset Management Group Inc. grew its position in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after buying an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

About Enovix

(Get Free Report)

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.

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