Enovix (NASDAQ:ENVX) Shares Down 0.3%

Enovix Co. (NASDAQ:ENVX)’s stock price traded down 0.3% during trading on Wednesday . The stock traded as low as $16.94 and last traded at $17.16. 1,448,469 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 5,334,436 shares. The stock had previously closed at $17.22.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Enovix in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix has an average rating of “Buy” and an average price target of $18.33.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The company’s 50-day moving average price is $12.07 and its two-hundred day moving average price is $10.31. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -13.28 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The firm had revenue of $5.27 million for the quarter, compared to analyst estimates of $4.16 million. On average, equities research analysts anticipate that Enovix Co. will post -1.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The disclosure for this sale can be found here. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares in the last quarter. Electron Capital Partners LLC raised its holdings in Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares during the period. Masters Capital Management LLC grew its position in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after buying an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Enovix by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the last quarter. 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.