Enovix (NASDAQ:ENVX) Trading Down 7.5% on Insider Selling

Shares of Enovix Co. (NASDAQ:ENVX) were down 7.5% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $10.70 and last traded at $11.04. Approximately 2,967,015 shares traded hands during trading, a decline of 46% from the average daily volume of 5,459,982 shares. The stock had previously closed at $11.93.

Specifically, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were 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 $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ENVX shares. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Benchmark started coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

The company’s 50-day moving average is $9.97 and its 200-day moving average is $10.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating 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 firm had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. As a group, equities research analysts anticipate that Enovix Co. will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ENVX. Vanguard Group Inc. raised its stake 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 valued at $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC raised its stake 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 valued at $60,085,000 after purchasing an additional 1,512,424 shares during the period. Scientech Research LLC purchased a new stake in shares of Enovix during the second quarter valued at approximately $834,000. Wealth Effects LLC raised its stake in shares of Enovix by 55.6% during the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after purchasing an additional 81,801 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its stake in shares of Enovix by 36.6% during the first quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock valued at $118,000 after purchasing an additional 3,936 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.