Enovix (NASDAQ:ENVX) Stock Price Down 2.6% – Time to Sell?

Shares of Enovix Co. (NASDAQ:ENVX) fell 2.6% during mid-day trading on Friday . The company traded as low as $10.48 and last traded at $10.60. 932,183 shares were traded during trading, a decline of 83% from the average session volume of 5,427,452 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

A number of research firms have issued reports on ENVX. JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Craig Hallum lifted their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Canaccord Genuity Group lifted their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Enovix currently has an average rating of “Buy” and a consensus target price of $21.67.

Enovix Price Performance

The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company has a market cap of $1.85 billion, a P/E ratio of -6.62 and a beta of 1.98. The business’s fifty day moving average is $10.04 and its 200 day moving average is $10.95.

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

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the period. Beacon Capital Management LLC grew 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 purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix during the 2nd quarter valued at $39,000. Finally, Voisard Asset Management Group Inc. grew its position 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 valued at $77,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

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.