Enovix (NASDAQ:ENVX) Stock Price Down 6.3% – Here’s Why

Shares of Enovix Co. (NASDAQ:ENVX) were down 6.3% on Wednesday . The company traded as low as $8.27 and last traded at $8.19. Approximately 802,011 shares traded hands during trading, a decline of 87% from the average daily volume of 5,977,669 shares. The stock had previously closed at $8.74.

Analyst Upgrades and Downgrades

Several research firms have commented on ENVX. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Craig Hallum reduced their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Performance

The business’s 50-day simple moving average is $9.98 and its 200 day simple moving average is $10.03. The firm has a market cap of $1.43 billion, a P/E ratio of -5.16 and a beta of 1.93. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The company 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 96.99% and a negative net margin of 963.17%. As a group, equities analysts predict that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 15.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the period. Fred Alger Management LLC raised its position in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Enovix during the 4th quarter valued at $3,484,000. Frontier Capital Management Co. LLC purchased a new position in shares of Enovix during the 4th quarter valued at $3,397,000. Finally, Geode Capital Management LLC boosted its holdings in Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after buying an additional 235,142 shares during the period. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.