Enovix (NASDAQ:ENVX) Shares Gap Up – Still a Buy?

Enovix Co. (NASDAQ:ENVX) shares gapped up prior to trading on Tuesday . The stock had previously closed at $12.46, but opened at $14.15. Enovix shares last traded at $15.66, with a volume of 6,009,226 shares trading hands.

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Trading Up 18.4 %

The stock has a market cap of $2.63 billion, a P/E ratio of -9.16 and a beta of 1.86. 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’s fifty day moving average price is $9.65 and its 200 day moving average price is $11.13.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the previous year, the business posted ($0.27) EPS. Equities research analysts expect that Enovix Co. will post -1.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix during the 2nd quarter valued at $39,000. Prospera Private Wealth LLC purchased a new stake in Enovix during the 3rd quarter valued at $27,000. Headlands Technologies LLC purchased a new stake in Enovix during the 2nd quarter valued at $97,000. Voisard Asset Management Group Inc. raised its holdings in Enovix by 40.0% during 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 during the period. Finally, Quest Partners LLC raised its holdings in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after buying an additional 6,294 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.