Enovix (NASDAQ:ENVX) Stock Price Up 3.3% – Should You Buy?

Enovix Co. (NASDAQ:ENVX) shares rose 3.3% on Wednesday . The company traded as high as $12.30 and last traded at $12.20. Approximately 1,234,466 shares changed hands during trading, a decline of 77% from the average daily volume of 5,448,124 shares. The stock had previously closed at $11.81.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of research reports. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Piper Sandler reissued an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Craig Hallum boosted their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Benchmark started coverage on Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Stock Up 5.6 %

The stock has a 50 day simple moving average of $9.94 and a 200-day simple moving average of $10.67. The firm has a market cap of $2.12 billion, a PE ratio of -9.37 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. Sell-side analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal year.

Institutional Trading of Enovix

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the last quarter. GAMMA Investing LLC increased its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix during the second quarter valued at $39,000. Able Wealth Management LLC purchased a new stake in Enovix during the fourth quarter valued at $34,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in Enovix during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

About Enovix

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.