Enovix (NASDAQ:ENVX) Shares Down 5.5% – What’s Next?

Shares of Enovix Co. (NASDAQ:ENVX) dropped 5.5% during trading on Monday . The stock traded as low as $7.62 and last traded at $7.83. Approximately 975,885 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 6,020,418 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ENVX. B. Riley reduced their target price on shares of Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. TD Securities decreased their price target on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. decreased their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Finally, Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Enovix Stock Down 5.1%

The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm’s 50-day moving average is $6.96 and its 200 day moving average is $9.06. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -5.42 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Sell-side analysts anticipate that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were 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 owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. This trade represents a 12.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp grew its position in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the last quarter. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix in the 4th quarter valued at $27,000. Stone House Investment Management LLC acquired a new position in shares of Enovix in the 1st quarter valued at $37,000. Sava Infond d.o.o. acquired a new position in shares of Enovix in the 4th quarter valued at $43,000. Finally, Parallel Advisors LLC boosted its position in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after purchasing an additional 3,849 shares during the period. Institutional investors and hedge funds 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.