Enovix (NASDAQ:ENVX) Trading Down 6.9% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s stock price was down 6.9% during trading on Monday . The company traded as low as $10.42 and last traded at $10.50. Approximately 1,490,200 shares traded hands during trading, a decline of 73% from the average daily volume of 5,607,881 shares. The stock had previously closed at $11.28.

Analyst Ratings Changes

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

Enovix Stock Performance

The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -6.81 and a beta of 1.94. 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 stock’s 50-day moving average is $9.57 and its 200-day moving average is $11.16.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the firm posted ($0.27) EPS. On average, analysts expect that Enovix Co. will post -1.17 EPS for the current year.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the company’s 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 directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix 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 directly owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. 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

A number of hedge funds have recently bought and sold shares of ENVX. Prospera Private Wealth LLC purchased a new position in shares of Enovix during the 3rd quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL bought a new position in Enovix during the 2nd quarter valued at $39,000. Voisard Asset Management Group Inc. grew its holdings in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares in the last quarter. Quest Partners LLC raised its stake in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after purchasing an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Enovix during the second quarter worth about $97,000. Institutional investors and hedge funds 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.