Enovix Co. (NASDAQ:ENVX – Get Free Report) shares fell 2.5% during trading on Thursday . The stock traded as low as $16.88 and last traded at $16.94. 979,829 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 5,353,851 shares. The stock had previously closed at $17.37.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Enovix in a report on Thursday, June 27th. William Blair restated an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix currently has an average rating of “Buy” and a consensus price target of $18.33.
Enovix Stock Performance
The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The firm has a market cap of $2.76 billion, a P/E ratio of -11.98 and a beta of 2.04. The business’s 50-day simple moving average is $12.75 and its 200 day simple moving average is $10.43.
Enovix (NASDAQ:ENVX – Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The company had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. As a group, equities analysts predict that Enovix Co. will post -1.15 earnings per share for the current year.
Insider Activity
In other 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 completion of 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 SEC, which is available at this hyperlink. Insiders own 17.30% of the company’s stock.
Institutional Investors Weigh In On Enovix
A number of hedge funds have recently modified their holdings of ENVX. Wellington Management Group LLP bought a new stake in shares of Enovix during the 3rd quarter valued at $7,290,000. B. Riley Wealth Advisors Inc. bought a new position in Enovix in the 3rd quarter worth $133,000. Vanguard Group Inc. boosted its holdings in Enovix by 9.5% in the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares during the period. DNB Asset Management AS boosted its holdings in Enovix by 60.8% in the 4th quarter. DNB Asset Management AS now owns 101,254 shares of the company’s stock worth $1,268,000 after buying an additional 38,274 shares during the period. Finally, Merrion Investment Management Co LLC boosted its holdings in Enovix by 52.9% in the 4th quarter. Merrion Investment Management Co LLC now owns 34,850 shares of the company’s stock worth $436,000 after buying an additional 12,050 shares during the period. 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.