Enovix (NASDAQ:ENVX) Stock Price Down 5.4% – Time to Sell?

Enovix Co. (NASDAQ:ENVX)’s stock price was down 5.4% on Tuesday . The stock traded as low as $9.64 and last traded at $9.66. Approximately 1,043,115 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 5,583,363 shares. The stock had previously closed at $10.21.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler restated an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Thursday, October 31st. Oppenheimer reissued an “outperform” rating and set a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Down 1.5 %

The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.79 billion, a P/E ratio of -6.00 and a beta of 1.94. The firm has a 50-day moving average price of $10.05 and a two-hundred day moving average price of $11.32.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period in the prior year, the company earned ($0.27) earnings per share. Equities research analysts anticipate that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix 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 completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in shares of Enovix in the third quarter valued at approximately $27,000. Blue Trust Inc. lifted its stake in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Enovix by 11,176.2% during the 2nd 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 last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix during the 2nd quarter worth approximately $39,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors 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.