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

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s stock price gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several analyst reports. Benchmark cut their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday. Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.30.

Enovix Price Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market cap of $1.18 billion, a PE ratio of -4.25 and a beta of 1.98. The stock has a 50 day simple moving average of $8.11 and a two-hundred day simple moving average of $9.71.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Sell-side analysts expect that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Activity at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the sale, the chief executive officer now owns 2,045,301 shares of the company's stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

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

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.