Enovix Co. (NASDAQ:ENVX – Get Free Report)’s stock price dropped 0.2% during mid-day trading on Monday . The stock traded as low as $17.63 and last traded at $18.08. Approximately 954,767 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,371,201 shares. The stock had previously closed at $18.12.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. William Blair restated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Enovix in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.33.
Enovix Trading Up 2.0 %
The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $3.14 billion, a PE ratio of -13.49 and a beta of 2.04. The stock has a 50 day moving average price of $12.23 and a 200-day moving average price of $10.30.
Enovix (NASDAQ:ENVX – Get Free Report) last issued 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). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The firm had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. Sell-side analysts expect that Enovix Co. will post -1.15 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 17.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Enovix
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after acquiring an additional 164,717 shares in the last quarter. Electron Capital Partners LLC lifted its position in shares of Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after acquiring an additional 540,399 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC lifted its position in shares of Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after acquiring an additional 55,157 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.
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.