Enovix (NASDAQ:ENVX) Shares Gap Down on Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s share price gapped down prior to trading on Thursday after Craig Hallum lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $11.19, but opened at $10.26. Craig Hallum currently has a buy rating on the stock. Enovix shares last traded at $10.97, with a volume of 3,905,697 shares.

Other equities analysts also recently issued research reports about the stock. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday. Two analysts have rated the stock with a hold rating, eight have given 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 “Moderate Buy” and a consensus price target of $20.30.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.70% of the stock is owned by company insiders.

Institutional Trading of Enovix

A number of hedge funds have recently bought and sold shares of ENVX. Prospera Private Wealth LLC purchased a new stake in shares of Enovix in the 3rd quarter valued at approximately $27,000. Fifth Third Bancorp lifted its holdings in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new position in Enovix in the fourth quarter worth approximately $27,000. Sava Infond d.o.o. acquired a new stake in Enovix during the fourth quarter worth $43,000. Finally, Hollencrest Capital Management raised its position in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 3.5 %

The company has a 50 day moving average price of $11.06 and a 200 day moving average price of $10.29. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -6.77 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. On average, research analysts expect that Enovix Co. will post -1.16 earnings per share for the current year.

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.