Enovix Co. (NASDAQ:ENVX) Insider Arthi Chakravarthy Sells 35,000 Shares

Enovix Co. (NASDAQ:ENVX) insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Enovix Price Performance

ENVX stock opened at $11.93 on Wednesday. The company has a fifty day moving average price of $9.97 and a 200-day moving average price of $10.82. The company has a market capitalization of $2.03 billion, a P/E ratio of -8.90 and a beta of 1.98. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, equities analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Institutional Investors Weigh In On Enovix

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares during the period. Driehaus Capital Management LLC increased its position in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares during the period. Masters Capital Management LLC increased its position in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after buying an additional 50,000 shares during the period. Finally, Old West Investment Management LLC increased its position in shares of Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. TD Cowen upped their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Canaccord Genuity Group increased their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Oppenheimer reissued an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. One research analyst has 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 MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.33.

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.