Enovix (NASDAQ:ENVX) Stock Price Down 4.5% – What’s Next?

Enovix Co. (NASDAQ:ENVX) shares fell 4.5% on Thursday . The company traded as low as $11.90 and last traded at $11.98. 1,464,205 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 5,452,982 shares. The stock had previously closed at $12.55.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ENVX shares. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. Benchmark assumed coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. One investment analyst has 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.33.

Enovix Price Performance

The business has a fifty day moving average of $9.92 and a 200 day moving average of $10.72. The firm has a market cap of $2.17 billion, a P/E ratio of -9.54 and a beta of 1.98. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. On average, sell-side analysts anticipate that Enovix Co. will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in ENVX. Strong Tower Advisory Services bought a new stake in shares of Enovix in the third quarter valued at about $260,000. Udine Wealth Management Inc. boosted its holdings in Enovix by 15.7% in the 3rd quarter. Udine Wealth Management Inc. now owns 203,484 shares of the company’s stock valued at $1,901,000 after purchasing an additional 27,661 shares during the period. SG Americas Securities LLC grew its position in shares of Enovix by 427.2% during the 3rd quarter. SG Americas Securities LLC now owns 46,989 shares of the company’s stock worth $439,000 after purchasing an additional 38,076 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Enovix during the second quarter worth approximately $1,867,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix in the second quarter valued at approximately $39,000. 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.