Enovix (NASDAQ:ENVX) Trading Down 1.7% – Time to Sell?

by · The Markets Daily

Enovix Co. (NASDAQ:ENVX – Get Free Report)’s share price was down 1.7% during trading on Monday . The company traded as low as $11.20 and last traded at $11.26. Approximately 834,430 shares were traded during trading, a decline of 85% from the average daily volume of 5,457,923 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

A number of equities analysts recently commented on ENVX shares. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, August 1st. Piper Sandler restated an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. TD Cowen boosted their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix currently has a consensus rating of “Buy” and a consensus price target of $21.33.

Read Our Latest Analysis on Enovix

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock has a fifty day simple moving average of $9.98 and a two-hundred day simple moving average of $10.90. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -8.40 and a beta of 1.98.

Enovix (NASDAQ:ENVX – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Driehaus Capital Management LLC raised its stake in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares during the period. Vanguard Group Inc. raised its stake in Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares during the period. Old West Investment Management LLC raised its stake in Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after acquiring an additional 269,371 shares during the period. Finally, Refined Wealth Management raised its stake in Enovix by 42.5% in the 1st quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock valued at $3,675,000 after acquiring an additional 136,758 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Enovix Company Profile

(Get Free Report)

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.

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