Enovix (NASDAQ:ENVX) Shares Gap Down – Time to Sell?

Enovix Co. (NASDAQ:ENVX)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $10.48, but opened at $9.47. Enovix shares last traded at $9.17, with a volume of 6,578,293 shares.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday. Craig Hallum lifted their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Down 17.1 %

The company has a 50-day moving average price of $10.08 and a 200 day moving average price of $11.07. The firm has a market capitalization of $1.53 billion, a PE ratio of -5.61 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same period in the previous year, the business earned ($0.27) earnings per share. Analysts forecast that Enovix Co. will post -1.2 earnings per share for the current year.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC increased its stake in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC increased its stake in Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Old West Investment Management LLC increased its stake in Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after acquiring an additional 102,452 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.