Enovix (NASDAQ:ENVX) Trading Down 8.3% – Here’s Why

Shares of Enovix Co. (NASDAQ:ENVX) fell 8.3% on Wednesday . The company traded as low as $13.06 and last traded at $13.14. 4,158,394 shares were traded during mid-day trading, a decline of 57% from the average session volume of 9,569,026 shares. The stock had previously closed at $14.33.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Janney Montgomery Scott cut 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, Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

The firm has a 50 day moving average price of $9.87 and a 200 day moving average price of $11.15. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market cap of $2.03 billion, a P/E ratio of -7.07 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter last year, the company earned ($0.27) earnings per share. On average, analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

Large investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the 2nd quarter worth approximately $39,000. Prospera Private Wealth LLC purchased a new position in shares of Enovix in the 3rd quarter worth approximately $27,000. Headlands Technologies LLC purchased a new position in shares of Enovix in the 2nd quarter worth approximately $97,000. Voisard Asset Management Group Inc. boosted its holdings in shares of Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares during the period. Finally, Quest Partners LLC boosted its holdings in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the period. 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.