Enovix (NASDAQ:ENVX) Shares Down 4.6% – Here’s Why

Enovix Co. (NASDAQ:ENVX) fell 4.6% during mid-day trading on Thursday . The company traded as low as $10.95 and last traded at $10.91. 497,018 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 7,831,504 shares. The stock had previously closed at $11.44.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Price Performance

The company has a 50 day moving average price of $10.16 and a 200-day moving average price of $10.88. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -6.94 and a beta of 1.86. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the prior year, the company posted ($0.27) EPS. As a group, equities research analysts predict that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Large investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV acquired a new stake in Enovix in the second quarter valued at approximately $163,000. Sei Investments Co. acquired a new stake in Enovix in the 2nd quarter valued at $555,000. Fred Alger Management LLC acquired a new position in Enovix during the second quarter worth $354,000. Delta Investment Management LLC bought a new position in shares of Enovix in the second quarter valued at $155,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Enovix by 8.2% during the second quarter. The Manufacturers Life Insurance Company now owns 85,403 shares of the company’s stock valued at $1,320,000 after buying an additional 6,484 shares during the last quarter. Institutional investors and hedge funds 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.