Ajay Marathe Sells 120,000 Shares of Enovix (NASDAQ:ENVX) Stock

Enovix Corporation (NASDAQ:ENVX) COO Ajay Marathe sold 120,000 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the transaction, the chief operating officer owned 1,027,259 shares in the company, valued at $12,337,380.59. The trade was a 10.46% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Enovix Trading Down 4.2%

Shares of ENVX stock opened at $12.42 on Wednesday. The stock’s fifty day moving average is $10.34 and its two-hundred day moving average is $9.39. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The firm has a market capitalization of $2.44 billion, a P/E ratio of -14.79 and a beta of 2.07. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The company had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. During the same quarter last year, the firm posted ($0.14) EPS. The firm’s revenue for the quarter was up 98.2% on a year-over-year basis. Enovix has set its Q3 2025 guidance at -0.180–0.140 EPS. Research analysts expect that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Enovix announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on ENVX shares. Benchmark raised their target price on Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $12.00 target price (up from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research note on Saturday, September 27th. Wall Street Zen downgraded Enovix from a “hold” rating to a “sell” rating in a research report on Saturday, September 6th. Finally, TD Cowen raised Enovix to a “hold” rating and raised their price objective for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.00.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Enovix during the 2nd quarter worth about $13,206,000. Electron Capital Partners LLC grew its position in Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock valued at $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. CenterBook Partners LP grew its position in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after acquiring an additional 721,309 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Enovix by 65.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company’s stock valued at $8,351,000 after acquiring an additional 449,934 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Enovix in the 1st quarter valued at about $3,030,000. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

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.