Enovix (NASDAQ:ENVX) Stock Price Down 2%

Shares of Enovix Co. (NASDAQ:ENVX) fell 2% during mid-day trading on Wednesday . The stock traded as low as $15.67 and last traded at $15.87. 1,476,230 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,343,984 shares. The stock had previously closed at $16.20.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ENVX. William Blair reiterated an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a research note on Thursday, June 27th. Craig Hallum dropped their price target on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Benchmark initiated coverage on Enovix in a report on Monday. They set a “buy” rating and a $25.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, April 25th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Buy” and a consensus target price of $19.17.

Enovix Stock Up 0.6 %

The stock has a fifty day moving average of $13.51 and a 200 day moving average of $10.58. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The firm has a market capitalization of $2.49 billion, a P/E ratio of -10.80 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. On average, research analysts anticipate that Enovix Co. will post -1.14 EPS for the current fiscal year.

Insider Activity

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its position in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the last quarter. Able Wealth Management LLC purchased a new stake in Enovix during the 4th quarter valued at about $34,000. Quest Partners LLC purchased a new stake in shares of Enovix during the fourth quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. bought a new stake in Enovix in the 4th quarter worth $50,000. Hedge funds and other 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.