Enovix (NASDAQ:ENVX) Trading Down 0.3%

Enovix Co. (NASDAQ:ENVX)’s share price dropped 0.3% during mid-day trading on Wednesday . The stock traded as low as $16.94 and last traded at $17.16. Approximately 1,448,469 shares traded hands during trading, a decline of 73% from the average daily volume of 5,334,436 shares. The stock had previously closed at $17.22.

Analysts Set New Price Targets

ENVX has been the subject of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, April 25th. B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. JPMorgan Chase & Co. cut their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Thursday, June 27th. Finally, William Blair reissued an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Enovix presently has a consensus rating of “Buy” and an average price target of $18.33.

Enovix Price Performance

The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $11.68 and a 200 day moving average price of $10.20. The stock has a market cap of $2.98 billion, a PE ratio of -12.81 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. As a group, research analysts forecast that Enovix Co. will post -1.15 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently bought and sold shares of ENVX. GAMMA Investing LLC lifted its holdings in 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 buying an additional 2,347 shares during the period. Beacon Capital Management LLC lifted its holdings in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the period. Able Wealth Management LLC purchased a new stake in Enovix in the 4th quarter worth approximately $34,000. Quest Partners LLC bought a new position in Enovix during the 4th quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. bought a new position in Enovix during the 4th quarter valued at approximately $50,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

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.