Enovix (NASDAQ:ENVX) Stock Price Down 6.3% – Here’s Why

Enovix Co. (NASDAQ:ENVX) was down 6.3% during mid-day trading on Wednesday . The stock traded as low as $8.27 and last traded at $8.19. Approximately 802,011 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 5,977,669 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

Several research analysts have commented on ENVX shares. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Craig Hallum decreased their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Two equities research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Stock Performance

The stock’s 50-day moving average price is $10.09 and its 200-day moving average price is $10.06. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -5.67 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. As a group, equities research analysts expect that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Enovix by 15.1% during 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 last quarter. Fred Alger Management LLC grew its stake in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after acquiring an additional 1,250,300 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Enovix in the 4th quarter valued at $3,484,000. Frontier Capital Management Co. LLC bought a new position in shares of Enovix in the fourth quarter valued at $3,397,000. Finally, Geode Capital Management LLC grew its position in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after acquiring an additional 235,142 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.