Enovix (NASDAQ:ENVX) Shares Down 5.1% Following Analyst Downgrade

Shares of Enovix Co. (NASDAQ:ENVX) dropped 5.1% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $18.00 to $15.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enovix traded as low as $10.68 and last traded at $10.69. Approximately 1,026,991 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 5,435,847 shares. The stock had previously closed at $11.27.

Several other equities research analysts have also commented on ENVX. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Benchmark started coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Craig Hallum upped their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Canaccord Genuity Group lifted their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $21.67.

Insider Buying and Selling

In other Enovix news, 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 value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 17.30% of the stock is owned by insiders.

Institutional Trading of Enovix

Several hedge funds have recently modified their holdings of ENVX. Blue Trust Inc. increased its position in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the last quarter. Beacon Capital Management LLC increased its holdings in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after buying an additional 1,798 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix in the 2nd quarter valued at about $39,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after acquiring an additional 1,000 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Down 5.1 %

The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company has a 50-day moving average of $10.01 and a 200 day moving average of $10.92. The company has a market cap of $1.82 billion, a PE ratio of -7.98 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Analysts predict that Enovix Co. will post -1.21 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.