Enovix (NASDAQ:ENVX) Trading Down 0.7%

Enovix Co. (NASDAQ:ENVX) traded down 0.7% on Monday . The company traded as low as $14.44 and last traded at $14.54. 1,191,924 shares were traded during trading, a decline of 78% from the average session volume of 5,321,630 shares. The stock had previously closed at $14.64.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Craig Hallum reduced their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Enovix in a research report on Thursday, June 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.17.

Enovix Stock Down 2.7 %

The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -10.85 and a beta of 2.04. The firm’s 50 day moving average price is $13.60 and its two-hundred day moving average price is $10.57. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. Sell-side analysts anticipate that Enovix Co. will post -1.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, 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 directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its position in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. Able Wealth Management LLC bought a new position in Enovix in the 4th quarter valued at approximately $34,000. Beacon Capital Management LLC lifted its stake in Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares during the last quarter. GAMMA Investing LLC lifted its stake in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Enovix in the 4th quarter valued at approximately $49,000. 50.92% of the stock is owned by institutional investors.

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.