Enovix (NASDAQ:ENVX) Stock Price Down 6% – Should You Sell?

Enovix Co. (NASDAQ:ENVX) traded down 6% on Tuesday . The company traded as low as $11.94 and last traded at $12.04. 1,622,870 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 5,447,948 shares. The stock had previously closed at $12.81.

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of recent analyst reports. Craig Hallum increased their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark started coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, TD Cowen lifted their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Trading Down 7.7 %

The stock has a market cap of $2.01 billion, a PE ratio of -8.82 and a beta of 1.98. The company’s 50-day moving average price is $9.94 and its 200 day moving average price is $10.79. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. On average, sell-side analysts forecast that Enovix Co. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovix

A number of large investors have recently modified their holdings of ENVX. Blue Trust Inc. grew its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the last quarter. GAMMA Investing LLC grew its position in Enovix by 11,176.2% during the second 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 period. Strategic Investment Solutions Inc. IL purchased a new position in Enovix in the second quarter valued at about $39,000. Beacon Capital Management LLC lifted its position in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the period. Finally, Voisard Asset Management Group Inc. boosted its stake in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.