Enovix (NASDAQ:ENVX) Trading Down 0.1%

Enovix Co. (NASDAQ:ENVX) shares dropped 0.1% during trading on Tuesday . The company traded as low as $14.93 and last traded at $15.09. Approximately 1,141,508 shares were traded during trading, a decline of 78% from the average daily volume of 5,299,056 shares. The stock had previously closed at $15.10.

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. William Blair reissued an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. B. Riley raised Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Enovix in a research note on Thursday, June 27th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and an average price target of $18.33.

Enovix Trading Up 7.7 %

The business has a fifty day moving average price of $10.88 and a 200 day moving average price of $10.16. The company has a market capitalization of $2.60 billion, a PE ratio of -11.40 and a beta of 2.04. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The firm had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. Analysts expect that Enovix Co. will post -1.15 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently bought and sold shares of ENVX. Beacon Capital Management LLC grew its stake in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Able Wealth Management LLC acquired a new position in shares of Enovix in the 4th quarter worth approximately $34,000. GAMMA Investing LLC grew its position in shares of Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Enovix in the 4th quarter worth approximately $49,000. Finally, Voisard Asset Management Group Inc. acquired a new position in shares of Enovix in the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.