Enovix (NASDAQ:ENVX) Reaches New 1-Year Low – Here’s What Happened

Enovix Co. (NASDAQ:ENVX)’s share price hit a new 52-week low on Friday . The stock traded as low as $5.69 and last traded at $6.11, with a volume of 4868695 shares. The stock had previously closed at $6.63.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum reduced their price target on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Two equities research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Down 4.8 %

The firm has a 50 day simple moving average of $9.46 and a two-hundred day simple moving average of $9.96. The stock has a market capitalization of $1.21 billion, a P/E ratio of -4.35 and a beta of 1.98. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share 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 business had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. On average, equities research analysts expect that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Activity

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Vanguard Group Inc. boosted its stake in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC raised its holdings in Enovix by 0.5% in the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after buying an additional 29,109 shares during the last quarter. Geode Capital Management LLC boosted its position in Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after buying an additional 235,142 shares during the period. Royal Bank of Canada grew its holdings in Enovix by 1.5% during the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after acquiring an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC increased its position in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after acquiring an additional 1,250,300 shares during the period. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.