Enovix (NASDAQ:ENVX) Shares Down 5.1% on Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s stock price was down 5.1% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $18.00 to $15.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enovix traded as low as $10.68 and last traded at $10.69. Approximately 1,026,991 shares changed hands during trading, a decline of 81% from the average daily volume of 5,435,847 shares. The stock had previously closed at $11.27.

A number of other research analysts have also recently commented on ENVX. B. Riley raised Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Benchmark assumed coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Canaccord Genuity Group boosted their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $21.67.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. boosted its stake in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Enovix during the 2nd quarter worth $39,000. Beacon Capital Management LLC grew its stake in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after buying an additional 1,798 shares during the last quarter. Finally, Voisard Asset Management Group Inc. increased its position in Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Performance

The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $1.79 billion, a PE ratio of -7.89 and a beta of 1.98. The business has a 50 day simple moving average of $10.03 and a 200 day simple moving average of $10.95.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm 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%. Equities research analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal year.

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.