Enovix (NASDAQ:ENVX) Stock Price Down 5.1% Following Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s share price was down 5.1% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $18.00 to $15.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enovix traded as low as $10.68 and last traded at $10.69. Approximately 1,026,991 shares changed hands during trading, a decline of 81% from the average daily volume of 5,435,847 shares. The stock had previously closed at $11.27.

Several other equities research analysts have also recently issued reports on ENVX. Canaccord Genuity Group lifted their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Oppenheimer reissued an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Benchmark assumed coverage on shares of Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. Finally, Craig Hallum boosted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Enovix currently has an average rating of “Buy” and a consensus price target of $21.67.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. Beacon Capital Management LLC grew its position in Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after buying an additional 1,798 shares during the period. GAMMA Investing LLC grew its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after buying an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Enovix during the second quarter worth about $39,000. Finally, Voisard Asset Management Group Inc. grew its position in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Trading Up 3.4 %

The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The firm’s 50-day simple moving average is $10.03 and its two-hundred day simple moving average is $10.95.

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

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.