Enovix (NASDAQ:ENVX) Trading Up 11.9% - Time to Buy?

Key Points

• Shares jumped 11.9% to $5.66 on Monday with 2.39M shares traded (about 62% below the average session volume), and the stock sits near its 50-day SMA ($5.66) but well below its 200-day SMA ($8.07).
• Analysts are mixed—six Buys, four Holds and one Sell—giving an average rating of "Hold" and an average target of $13.46, although recent firm cuts set targets around $10 and Bank of America started coverage at a $6 target.
• Enovix develops advanced lithium-ion cells using a patented three-dimensional silicon-anode architecture and is scaling manufacturing; the company has a market cap of about $1.23B and a negative P/E (-7.33), indicating ongoing losses as it ramps production.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) traded up 11.9% during trading on Monday . The stock traded as high as $5.66 and last traded at $5.6610. 2,393,533 shares changed hands during trading, a decline of 62% from the average session volume of 6,219,545 shares. The stock had previously closed at $5.06.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. B. Riley Financial cut their price target on Enovix from $17.00 to $10.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Craig Hallum decreased their price objective on shares of Enovix from $16.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Oppenheimer reaffirmed an "outperform" rating on shares of Enovix in a research note on Thursday, February 26th. Bank of America started coverage on shares of Enovix in a research report on Thursday, March 12th. They set a "neutral" rating and a $6.00 target price on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Enovix in a research note on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $13.46.

Enovix Price Performance

The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $1.23 billion, a P/E ratio of -7.33 and a beta of 2.16. The company has a fifty day simple moving average of $5.66 and a two-hundred day simple moving average of $8.07.

Hedge Funds Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Jupiter Asset Management Ltd. acquired a new stake in shares of Enovix during the third quarter worth $2,465,000. Baird Financial Group Inc. boosted its holdings in Enovix by 24.0% during the second quarter. Baird Financial Group Inc. now owns 721,930 shares of the company's stock worth $7,465,000 after buying an additional 139,617 shares during the last quarter. Electron Capital Partners LLC increased its stake in shares of Enovix by 5.3% in the 2nd quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company's stock valued at $73,065,000 after acquiring an additional 353,530 shares during the last quarter. Granahan Investment Management LLC raised its position in shares of Enovix by 17.5% in the 3rd quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company's stock valued at $17,444,000 after acquiring an additional 260,085 shares during the period. Finally, Bosun Asset Management LLC acquired a new stake in shares of Enovix in the 2nd quarter valued at approximately $1,876,000. 50.92% of the stock is owned by institutional investors.

Enovix Company Profile

Enovix Corporation NASDAQ: ENVX develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.

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