Enovix Co. (NASDAQ:ENVX) Insider Arthi Chakravarthy Sells 35,000 Shares

Enovix Co. (NASDAQ:ENVX) insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Enovix Price Performance

ENVX stock traded down $0.88 during midday trading on Tuesday, reaching $11.93. The stock had a trading volume of 6,491,337 shares, compared to its average volume of 5,472,403. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -8.90 and a beta of 1.98. The company’s fifty day simple moving average is $9.97 and its 200 day simple moving average is $10.82. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The firm had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. As a group, sell-side analysts predict that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on ENVX. Piper Sandler restated an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark initiated coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Canaccord Genuity Group increased their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.33.

Institutional Investors Weigh In On Enovix

A number of large investors have recently made changes to their positions in ENVX. Driehaus Capital Management LLC grew its holdings in shares of Enovix by 63.7% in 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 during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares during the period. Vanguard Group Inc. increased its holdings in shares of Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. Old West Investment Management LLC lifted its holdings in Enovix by 47.6% in the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after acquiring an additional 269,371 shares during the last quarter. Finally, Refined Wealth Management grew its position in Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after acquiring an additional 136,758 shares during the period. 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.