Enovix (NASDAQ:ENVX) Stock Price Down 7.5% – Time to Sell?

Shares of Enovix Co. (NASDAQ:ENVX) dropped 7.5% during trading on Tuesday . The company traded as low as $10.92 and last traded at $10.91. Approximately 3,441,713 shares changed hands during trading, a decline of 50% from the average daily volume of 6,880,646 shares. The stock had previously closed at $11.79.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Two equities research 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’s stock. According to data from MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Price Performance

The company has a market cap of $1.88 billion, a PE ratio of -6.56 and a beta of 1.87. 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 firm has a 50 day simple moving average of $10.86 and a 200-day simple moving average of $10.39.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction dated 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 owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ENVX. Vanguard Group Inc. increased its position in shares of Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after acquiring an additional 2,063,631 shares during the period. Fred Alger Management LLC lifted its holdings in shares of Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock worth $5,498,000 after purchasing an additional 565,698 shares during the period. Raymond James Financial Inc. purchased a new stake in Enovix in the fourth quarter valued at approximately $3,484,000. Sora Investors LLC increased its holdings in Enovix by 75.0% in the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock worth $4,904,000 after buying an additional 225,000 shares during the period. Finally, Barclays PLC raised its position in Enovix by 376.9% during the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock worth $2,353,000 after buying an additional 199,166 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

About Enovix

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.