Enovix (NASDAQ:ENVX) Trading Down 6% – Here’s What Happened

Shares of Enovix Co. (NASDAQ:ENVX) dropped 6% during mid-day trading on Monday . The company traded as low as $8.42 and last traded at $8.49. Approximately 1,091,131 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 5,613,437 shares. The stock had previously closed at $9.03.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Oppenheimer restated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Canaccord Genuity Group upped their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two equities 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The business’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $11.15.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted ($0.27) earnings per share. On average, equities analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s 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 transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 15.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Arizona State Retirement System lifted its stake in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares during the last quarter. Blue Trust Inc. increased its stake 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 period. Voisard Asset Management Group Inc. lifted its position in shares of Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the last quarter. Clear Creek Financial Management LLC boosted its stake in shares of Enovix by 3.0% during the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after purchasing an additional 1,400 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after purchasing an additional 1,434 shares during the last quarter. Hedge funds and other 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.