Enovix (NASDAQ:ENVX) Stock Price Up 0.9% – Time to Buy?

Enovix Co. (NASDAQ:ENVX) traded up 0.9% during mid-day trading on Monday . The stock traded as high as $13.14 and last traded at $12.91. 1,239,618 shares traded hands during trading, a decline of 77% from the average session volume of 5,450,229 shares. The stock had previously closed at $12.79.

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of recent analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Canaccord Genuity Group lifted their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, TD Cowen raised their target price on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Price Performance

The firm has a market capitalization of $2.18 billion, a P/E ratio of -9.69 and a beta of 1.98. The business’s fifty day moving average is $9.92 and its 200 day moving average is $10.76. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, analysts forecast that Enovix Co. will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC grew its stake in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the last quarter. Scientech Research LLC acquired a new stake in shares of Enovix in the second quarter valued at $834,000. Wealth Effects LLC raised its holdings in shares of Enovix by 55.6% in the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after buying an additional 81,801 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its position in Enovix by 36.6% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after buying an additional 3,936 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.