Enovix (NASDAQ:ENVX) Stock Price Down 8.8%

Enovix Co. (NASDAQ:ENVXGet Rating) dropped 8.8% during trading on Thursday . The company traded as low as $20.05 and last traded at $20.18. Approximately 44,661 shares changed hands during trading, a decline of 98% from the average daily volume of 2,408,550 shares. The stock had previously closed at $22.12.

Wall Street Analyst Weigh In

ENVX has been the topic of a number of research analyst reports. Cowen increased their price target on Enovix from $19.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 24th. JPMorgan Chase & Co. initiated coverage on Enovix in a research report on Friday, August 5th. They set an “overweight” rating and a $20.00 price target on the stock. Cowen increased their price target on Enovix from $19.00 to $36.00 in a research report on Wednesday, August 24th. Loop Capital increased their price target on Enovix from $50.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, August 22nd. Finally, Craig Hallum increased their price target on Enovix from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, August 11th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $39.38.

Enovix Stock Performance

The stock has a market capitalization of $3.05 billion, a P/E ratio of -19.05 and a beta of 2.73. The stock has a 50-day simple moving average of $14.38 and a 200 day simple moving average of $13.02.

Enovix (NASDAQ:ENVXGet Rating) last posted its quarterly earnings results on Wednesday, August 10th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. During the same period last year, the company posted ($0.21) earnings per share. Equities analysts predict that Enovix Co. will post -0.77 earnings per share for the current year.

Insider Activity

In other news, insider Gardner Cameron Dales sold 10,000 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the insider now owns 989,565 shares of the company’s stock, valued at approximately $19,791,300. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Ashok Lahiri sold 3,000 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $14.00, for a total transaction of $42,000.00. Following the sale, the chief technology officer now owns 1,404,993 shares of the company’s stock, valued at approximately $19,669,902. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gardner Cameron Dales sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the sale, the insider now directly owns 989,565 shares in the company, valued at approximately $19,791,300. The disclosure for this sale can be found here. Insiders have sold a total of 70,000 shares of company stock valued at $1,050,980 in the last 90 days. 20.60% of the stock is owned by company insiders.

Institutional Trading of Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. State Street Corp raised its stake in Enovix by 392.4% during the 2nd quarter. State Street Corp now owns 1,935,508 shares of the company’s stock worth $17,245,000 after buying an additional 1,542,457 shares during the period. Encompass Capital Advisors LLC raised its stake in Enovix by 113.5% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,819,699 shares of the company’s stock worth $25,124,000 after buying an additional 1,499,121 shares during the period. Northern Trust Corp raised its stake in shares of Enovix by 401.4% in the 2nd quarter. Northern Trust Corp now owns 973,135 shares of the company’s stock valued at $8,671,000 after purchasing an additional 779,033 shares during the period. Polar Asset Management Partners Inc. raised its stake in shares of Enovix by 507.3% in the 1st quarter. Polar Asset Management Partners Inc. now owns 852,100 shares of the company’s stock valued at $12,159,000 after purchasing an additional 711,800 shares during the period. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Enovix in the 2nd quarter valued at about $5,089,000. Institutional investors and hedge funds own 61.75% of the company’s stock.

About Enovix

(Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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