Enovix (NASDAQ:ENVX) Trading Down 5.5% – Here’s Why

Shares of Enovix Co. (NASDAQ:ENVX) fell 5.5% on Monday . The stock traded as low as $7.62 and last traded at $7.83. 975,885 shares were traded during mid-day trading, a decline of 84% from the average session volume of 6,020,418 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Benchmark decreased their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. TD Securities reduced their target price on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. B. Riley cut their price target on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. reduced their price objective on Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Trading Down 1.3%

The stock has a market cap of $1.51 billion, a PE ratio of -5.42 and a beta of 1.99. The company’s 50-day moving average price is $6.98 and its 200 day moving average price is $9.05. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. On average, sell-side analysts forecast that Enovix Co. will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 2,063,631 shares during the period. Haven Private LLC purchased a new position in shares of Enovix during the 4th quarter worth approximately $454,000. Register Financial Advisors LLC raised its position in shares of Enovix by 172.8% during the 4th quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock worth $1,901,000 after purchasing an additional 110,750 shares during the last quarter. Amundi lifted its stake in Enovix by 360.8% in the 4th quarter. Amundi now owns 235,369 shares of the company’s stock valued at $2,558,000 after buying an additional 184,294 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Enovix during the 4th quarter valued at $1,380,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.