Enovix (NASDAQ:ENVX) Reaches New 52-Week Low at $6.95

Enovix Co. (NASDAQ:ENVX)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $6.95 and last traded at $7.05, with a volume of 1209061 shares changing hands. The stock had previously closed at $7.31.

Analyst Ratings Changes

A number of research analysts have issued reports on ENVX shares. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Enovix Trading Up 2.8 %

The company’s 50-day moving average is $9.02 and its 200 day moving average is $10.35. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. On average, analysts forecast that Enovix Co. will post -1.13 EPS for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Register Financial Advisors LLC grew its holdings in shares of Enovix by 40.4% in the first quarter. Register Financial Advisors LLC now owns 63,900 shares of the company’s stock valued at $512,000 after purchasing an additional 18,400 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its position in Enovix by 36.6% in the first quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after buying an additional 3,936 shares during the last quarter. Game Plan Financial Advisors LLC lifted its position in Enovix by 65.2% in the first quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock worth $81,000 after buying an additional 4,000 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Enovix by 34.8% in the first quarter. Salem Investment Counselors Inc. now owns 155,045 shares of the company’s stock worth $1,242,000 after buying an additional 40,000 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. 50.92% of the stock is 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.