Enovix (NASDAQ:ENVX) Trading Down 6.9% – Here’s What Happened

Enovix Co. (NASDAQ:ENVX) shares dropped 6.9% during trading on Monday . The stock traded as low as $10.42 and last traded at $10.50. Approximately 1,490,200 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 5,607,881 shares. The stock had previously closed at $11.28.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ENVX. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Thursday, October 31st. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Performance

The company has a market cap of $1.95 billion, a P/E ratio of -6.81 and a beta of 1.94. The stock has a fifty day moving average price of $9.57 and a two-hundred day moving average price of $11.16. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.27) EPS. 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 company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by insiders.

Institutional Trading of Enovix

A number of large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position 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 valued at $620,000 after acquiring an additional 905 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Enovix by 6.7% in the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after buying an additional 1,367 shares during the period. Clear Creek Financial Management LLC raised its holdings 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 acquiring an additional 1,400 shares during the period. Principal Financial Group Inc. lifted its position in shares of Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after acquiring an additional 1,434 shares in the last quarter. Finally, LJI Wealth Management LLC boosted its stake in Enovix by 2.1% in the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company’s stock worth $690,000 after purchasing an additional 1,500 shares during the period. 50.92% of the stock is currently owned by institutional investors.

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.