Enovix (NASDAQ:ENVX) Trading Down 5.4%

Enovix Co. (NASDAQ:ENVX) shares were down 5.4% on Thursday . The company traded as low as $6.25 and last traded at $6.27. Approximately 4,365,850 shares were traded during trading, an increase of 1% from the average daily volume of 4,331,131 shares. The stock had previously closed at $6.63.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ENVX shares. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.29.

Enovix Stock Performance

The company’s fifty day simple moving average is $8.75 and its 200 day simple moving average is $10.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

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

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in Enovix by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 106,242 shares of the company’s stock worth $1,516,000 after purchasing an additional 5,258 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Enovix by 61.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 23,800 shares of the company’s stock worth $340,000 after acquiring an additional 9,100 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Enovix by 18.8% in the first quarter. HighTower Advisors LLC now owns 33,723 shares of the company’s stock worth $483,000 after acquiring an additional 5,335 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Enovix by 129.2% in the first quarter. Citigroup Inc. now owns 20,144 shares of the company’s stock worth $287,000 after acquiring an additional 11,355 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Enovix by 1.2% in the first quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock worth $21,376,000 after acquiring an additional 18,009 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.