Enovix (NASDAQ:ENVX) Shares Down 6.9% – Should You Sell?

by · The Markets Daily

Enovix Co. (NASDAQ:ENVX – Get Free Report)’s share price traded down 6.9% during trading on Monday . The stock traded as low as $10.42 and last traded at $10.50. 1,490,200 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 5,607,881 shares. The stock had previously closed at $11.28.

Analyst Ratings Changes

A number of analysts recently issued reports on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average price target of $20.50.

Get Our Latest Report on ENVX

Enovix Trading Down 1.2 %

The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a fifty day moving average price of $9.55 and a two-hundred day moving average price of $11.13. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -6.75 and a beta of 1.94.

Enovix (NASDAQ:ENVX – Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The company had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period in the previous year, the business posted ($0.27) EPS. As a group, research analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on 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 transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently modified their holdings of ENVX. Oppenheimer & Co. Inc. boosted its holdings in Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after purchasing an additional 93,303 shares in the last quarter. Stifel Financial Corp lifted its stake in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after buying an additional 55,094 shares during the last quarter. One Wealth Advisors LLC purchased a new position in shares of Enovix during the third quarter worth approximately $700,000. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares during the period. Finally, Scientech Research LLC acquired a new position in Enovix in the second quarter valued at $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

About Enovix

(Get Free Report)

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.

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