Enovix (NASDAQ:ENVX) Stock Price Down 2%

Enovix Co. (NASDAQ:ENVX)’s share price dropped 2% during trading on Wednesday . The stock traded as low as $15.67 and last traded at $15.87. Approximately 1,476,230 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 5,343,984 shares. The stock had previously closed at $16.20.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ENVX. William Blair reaffirmed an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Benchmark began coverage on Enovix in a research note on Monday. They issued a “buy” rating and a $25.00 price target for the company. Cantor Fitzgerald reiterated 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. dropped their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Finally, Craig Hallum reduced their target price on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.17.

Enovix Trading Up 0.6 %

The company’s 50-day moving average price is $13.51 and its 200 day moving average price is $10.58. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The stock has a market cap of $2.49 billion, a PE ratio of -10.80 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share 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 analyst estimates of $4.16 million. On average, sell-side analysts forecast that Enovix Co. will post -1.14 EPS for the current fiscal year.

Insider Transactions at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Vanguard Group Inc. lifted its position in shares of Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Electron Capital Partners LLC increased its holdings in shares of Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC boosted its holdings in Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.