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

Enovix Co. (NASDAQ:ENVX)’s stock price 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 changing hands.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Down 14.7 %

The firm’s 50 day moving average price is $9.75 and its two-hundred day moving average price is $11.15. The firm has a market capitalization of $2.18 billion, a PE ratio of -7.60 and a beta of 1.86. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the firm earned ($0.27) earnings per share. As a group, research analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This 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 currently owned by corporate insiders.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of ENVX. B. Riley Wealth Advisors Inc. bought a new stake in shares of Enovix in the 3rd quarter valued at approximately $117,000. Franklin Resources Inc. boosted its holdings in Enovix by 81.4% in the third quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock worth $743,000 after purchasing an additional 35,711 shares during the period. Sanctuary Advisors LLC raised its holdings in shares of Enovix by 37.2% during the third quarter. Sanctuary Advisors LLC now owns 165,703 shares of the company’s stock worth $1,563,000 after purchasing an additional 44,956 shares during the period. Virtu Financial LLC bought a new position in shares of Enovix in the 3rd quarter worth about $205,000. Finally, Geode Capital Management LLC lifted its position in shares of Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after buying an additional 182,757 shares during the last quarter. Institutional investors and hedge funds 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.