Enovix (NASDAQ:ENVX) Stock Price Down 8.3% – Here’s Why

Enovix Co. (NASDAQ:ENVX)’s share price traded down 8.3% during trading on Wednesday . The stock traded as low as $13.06 and last traded at $13.14. 4,158,394 shares changed hands during trading, a decline of 57% from the average session volume of 9,569,026 shares. The stock had previously closed at $14.33.

Analysts Set New Price Targets

ENVX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research 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. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Down 13.5 %

The stock has a fifty day moving average of $9.72 and a 200-day moving average of $11.14. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -7.70 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate 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 last year, the business posted ($0.27) earnings per share. As a group, sell-side analysts expect that Enovix Co. will post -1.17 EPS for the current year.

Insider Transactions at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company’s 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 transaction, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The shares were 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 of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. grew its holdings in Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after acquiring an additional 93,303 shares during the period. Stifel Financial Corp grew its stake in Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after acquiring an additional 55,094 shares in the last quarter. One Wealth Advisors LLC purchased a new position in shares of Enovix during the third quarter worth about $700,000. Driehaus Capital Management LLC boosted its stake in shares of Enovix by 63.7% in the 2nd 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 in the last quarter. Finally, Scientech Research LLC purchased a new stake in Enovix during the 2nd quarter valued at $834,000. 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.