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

Enovix Co. (NASDAQ:ENVX) was down 1.7% during mid-day trading on Monday . The company traded as low as $11.20 and last traded at $11.26. 834,430 shares changed hands during trading, a decline of 85% from the average session volume of 5,457,923 shares. The stock had previously closed at $11.45.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ENVX shares. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday. Craig Hallum upped their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, August 1st. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $21.67.

Enovix Price Performance

The firm has a 50 day moving average price of $10.03 and a two-hundred day moving average price of $10.95. The company has a market cap of $1.79 billion, a P/E ratio of -7.89 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, analysts predict that Enovix Co. will post -1.21 EPS 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 value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. raised its position in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares in the last quarter. Beacon Capital Management LLC lifted its position in Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares during the last quarter. GAMMA Investing LLC grew its stake in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix during the 2nd quarter valued at $39,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.