Enovix Co. (NASDAQ:ENVX) CEO Sells $2,805,000.00 in Stock

Enovix Co. (NASDAQ:ENVX) CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Enovix Trading Down 1.3 %

Shares of NASDAQ ENVX traded down $0.12 during midday trading on Friday, reaching $8.92. 7,582,626 shares of the stock were exchanged, compared to its average volume of 7,068,572. The stock has a market capitalization of $1.59 billion, a P/E ratio of -6.15 and a beta of 1.87. 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 company has a 50 day simple moving average of $11.24 and a 200 day simple moving average of $10.26. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68.

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

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of ENVX. Private Advisor Group LLC boosted its stake in Enovix by 23.6% during the third quarter. Private Advisor Group LLC now owns 99,900 shares of the company’s stock worth $933,000 after buying an additional 19,056 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Enovix by 34.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 20,077 shares of the company’s stock worth $188,000 after purchasing an additional 5,162 shares during the period. Voisard Asset Management Group Inc. increased its holdings in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the last quarter. Gladstone Institutional Advisory LLC increased its holdings in Enovix by 1.9% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 189,115 shares of the company’s stock valued at $1,766,000 after purchasing an additional 3,525 shares during the last quarter. Finally, Clear Creek Financial Management LLC raised its position in Enovix by 3.0% in 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. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ENVX shares. Craig Hallum lowered their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Finally, Janney Montgomery Scott lowered 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. Two equities research 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

About Enovix

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.