Insider Selling: Enovix Co. (NASDAQ:ENVX) Director Sells $91,050.00 in Stock

Enovix Co. (NASDAQ:ENVX) Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Enovix Trading Down 7.6 %

ENVX opened at $15.03 on Thursday. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The company’s 50-day moving average is $9.97 and its 200 day moving average is $10.09.

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

Wall Street Analyst Weigh In

ENVX has been the subject of several research analyst reports. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Craig Hallum decreased their price target 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 cut their price objective on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.33.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently bought and sold shares of ENVX. Corient Private Wealth LLC lifted its position in shares of Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after purchasing an additional 910 shares in the last quarter. Beacon Capital Management LLC lifted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Insight Advisors LLC PA boosted its stake in shares of Enovix by 3.2% in the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after buying an additional 1,370 shares during the last quarter. Scotia Capital Inc. grew its holdings in shares of Enovix by 7.7% in the third quarter. Scotia Capital Inc. now owns 19,680 shares of the company’s stock valued at $247,000 after acquiring an additional 1,410 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Enovix by 15.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 12,100 shares of the company’s stock valued at $152,000 after acquiring an additional 1,600 shares during 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.