Enovix (NASDAQ:ENVX) Trading Down 4.6% – What’s Next?

Enovix Co. (NASDAQ:ENVX)’s stock price dropped 4.6% during trading on Thursday . The stock traded as low as $10.95 and last traded at $10.91. Approximately 497,018 shares traded hands during trading, a decline of 94% from the average daily volume of 7,831,504 shares. The stock had previously closed at $11.44.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Two analysts have 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, Enovix has an average rating of “Moderate Buy” and an average price target of $20.50.

Enovix Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm’s 50-day moving average price is $10.30 and its 200 day moving average price is $10.86.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company 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 last year, the firm earned ($0.27) EPS. As a group, analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred 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 transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. The trade was 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. 15.70% of the stock is owned by insiders.

Institutional Trading of Enovix

Hedge funds have recently made changes to their positions in the stock. Prospera Private Wealth LLC acquired a new stake in Enovix in the third quarter worth $27,000. Fifth Third Bancorp increased its holdings in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after acquiring an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Enovix in the 2nd quarter valued at about $39,000. R Squared Ltd acquired a new position in Enovix during the 4th quarter valued at about $64,000. Finally, Voisard Asset Management Group Inc. grew its position in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

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.