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Enovix (NASDAQ:ENVX) Trading Up 8.4% - Should You Buy?

Enovix logo with Energy background

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) rose 8.4% during mid-day trading on Wednesday . The stock traded as high as $11.60 and last traded at $11.01. Approximately 7,191,946 shares traded hands during trading, an increase of 24% from the average daily volume of 5,799,569 shares. The stock had previously closed at $10.15.

Analyst Ratings Changes

ENVX has been the subject of a number of analyst reports. TD Securities lowered their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. cut their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. B. Riley decreased their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Finally, Benchmark dropped their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and an average target price of $17.27.

Read Our Latest Research Report on ENVX

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The stock has a market cap of $2.06 billion, a PE ratio of -8.31 and a beta of 2.08. The firm has a fifty day moving average price of $7.88 and a 200 day moving average price of $8.89.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix during the fourth quarter valued at about $27,000. Stone House Investment Management LLC purchased a new stake in Enovix during the 1st quarter worth approximately $37,000. Sava Infond d.o.o. acquired a new position in Enovix during the 4th quarter valued at approximately $43,000. Parallel Advisors LLC raised its holdings in shares of Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after buying an additional 3,849 shares during the last quarter. Finally, Hollencrest Capital Management raised its holdings in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after buying an additional 2,000 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

(Get Free Report)

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.

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