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

Enovix Co. (NASDAQ:ENVX) gapped up prior to trading on Monday . The stock had previously closed at $5.98, but opened at $6.39. Enovix shares last traded at $6.13, with a volume of 767,083 shares.

Analyst Upgrades and Downgrades

ENVX has been the topic of several recent analyst reports. Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Finally, Craig Hallum cut their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.30.

Enovix Stock Performance

The stock has a 50-day moving average of $8.43 and a 200 day moving average of $9.78. The stock has a market cap of $1.15 billion, a PE ratio of -4.14 and a beta of 1.98. 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 posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Equities analysts predict that Enovix Co. will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Lpwm LLC acquired a new position in shares of Enovix in the 4th quarter valued at $549,000. Vanguard Group Inc. lifted its position in Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Haven Private LLC purchased a new position in Enovix during the fourth quarter worth about $454,000. Register Financial Advisors LLC increased its position in shares of Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock valued at $1,901,000 after acquiring an additional 110,750 shares during the last quarter. Finally, Amundi raised its stake in shares of Enovix by 360.8% in the 4th quarter. Amundi now owns 235,369 shares of the company’s stock valued at $2,558,000 after acquiring an additional 184,294 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.