Enovix (NASDAQ:ENVX) Trading Down 8.3% – Here’s Why

Shares of Enovix Co. (NASDAQ:ENVX) fell 8.3% during trading on Wednesday . The company traded as low as $13.06 and last traded at $13.14. 4,158,394 shares were traded during mid-day trading, a decline of 57% from the average session volume of 9,569,026 shares. The stock had previously closed at $14.33.

Analyst Ratings Changes

A number of research firms have recently commented on ENVX. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective 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, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Trading Down 7.0 %

The firm has a fifty day moving average of $9.87 and a two-hundred day moving average of $11.15. The company has a market cap of $2.03 billion, a PE ratio of -7.07 and a beta of 1.86. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

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

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value 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. The trade was a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. boosted its holdings in Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after acquiring an additional 93,303 shares in the last quarter. Stifel Financial Corp boosted its holdings in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after acquiring an additional 55,094 shares in the last quarter. One Wealth Advisors LLC bought a new stake in Enovix in the third quarter worth $700,000. Driehaus Capital Management LLC lifted its holdings in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Finally, Scientech Research LLC bought a new position in shares of Enovix during the second quarter valued at $834,000. 50.92% of the stock is owned by 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.