Enovix (NASDAQ:ENVX) Shares Gap Down on Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s share price gapped down before the market opened on Thursday after Craig Hallum lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $11.19, but opened at $10.26. Craig Hallum currently has a buy rating on the stock. Enovix shares last traded at $10.97, with a volume of 3,905,697 shares traded.

A number of other analysts also recently issued reports on the company. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Activity

In related news, 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 transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors have recently made changes to their positions in the stock. Prospera Private Wealth LLC purchased a new stake in Enovix during the third quarter worth about $27,000. Fifth Third Bancorp increased its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after buying an additional 1,000 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix during the 4th quarter worth $27,000. Sava Infond d.o.o. purchased a new stake in shares of Enovix in the 4th quarter worth about $43,000. Finally, Hollencrest Capital Management boosted its position in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Stock Performance

The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -6.77 and a beta of 1.87. The stock’s 50 day moving average is $11.06 and its 200 day moving average is $10.29.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. On average, analysts predict that Enovix Co. will post -1.16 earnings per share for the current year.

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.