Enovix (NASDAQ:ENVX) Stock Price Down 8.1% – Should You Sell?

Enovix Corporation (NASDAQ:ENVX)’s share price fell 8.1% on Tuesday . The stock traded as low as $5.32 and last traded at $5.2850. 1,862,193 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 6,281,965 shares. The stock had previously closed at $5.75.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Craig Hallum decreased their price objective on shares of Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. TD Cowen lowered their price objective on Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a report on Thursday, February 26th. B. Riley Financial reduced their target price on Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Bank of America started coverage on shares of Enovix in a research report on Thursday, March 12th. They issued a “neutral” rating and a $6.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.46.

Enovix Price Performance

The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The company’s fifty day moving average is $5.57 and its two-hundred day moving average is $7.99. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -7.42 and a beta of 2.16.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Caitong International Asset Management Co. Ltd purchased a new position in shares of Enovix during the 4th quarter worth approximately $30,000. Virtu Financial LLC purchased a new stake in shares of Enovix in the fourth quarter valued at $848,000. Invesco Ltd. boosted its stake in shares of Enovix by 65.6% during the fourth quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock valued at $10,873,000 after acquiring an additional 589,271 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Enovix during the 4th quarter worth about $77,000. Finally, NewEdge Advisors LLC raised its stake in Enovix by 8.2% in the 4th quarter. NewEdge Advisors LLC now owns 39,607 shares of the company’s stock valued at $290,000 after purchasing an additional 3,012 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.