Enovix (NASDAQ:ENVX) Shares Gap Down After Analyst Downgrade

Shares of Enovix Co. (NASDAQ:ENVX) gapped down before the market opened on Thursday after Craig Hallum lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $11.19, but opened at $10.26. Craig Hallum currently has a buy rating on the stock. Enovix shares last traded at $10.97, with a volume of 3,905,697 shares trading hands.

Other equities analysts have also issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.30.

Insider Buying and Selling at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of ENVX. Vanguard Group Inc. lifted its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Fred Alger Management LLC lifted its stake in Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after buying an additional 1,250,300 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Enovix during the fourth quarter valued at about $3,484,000. Frontier Capital Management Co. LLC purchased a new stake in Enovix during the fourth quarter valued at about $3,397,000. Finally, Geode Capital Management LLC lifted its stake in Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after buying an additional 235,142 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Down 6.6 %

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 company has a market capitalization of $1.91 billion, a PE ratio of -7.39 and a beta of 1.87. The business’s 50 day simple moving average is $11.15 and its 200 day simple moving average is $10.30.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. As a group, analysts forecast that Enovix Co. will post -1.01 EPS for the current year.

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.