Enovix (NASDAQ:ENVX) Shares Down 1.3%

Enovix Co. (NASDAQ:ENVX)’s share price fell 1.3% during mid-day trading on Thursday . The stock traded as low as $14.41 and last traded at $14.92. 1,695,273 shares traded hands during trading, a decline of 68% from the average session volume of 5,340,682 shares. The stock had previously closed at $15.12.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of recent analyst reports. 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 report on Friday, April 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. Benchmark initiated coverage on shares of Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price target on shares of Enovix in a research report on Thursday, June 27th. Finally, Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.17.

Enovix Stock Up 0.6 %

The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The business’s fifty day moving average is $13.60 and its two-hundred day moving average is $10.59.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.16 million. As a group, research analysts predict that Enovix Co. will post -1.14 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of Enovix 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 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 can be accessed through this hyperlink. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. lifted its position in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares during the last quarter. GAMMA Investing LLC lifted 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 worth $37,000 after buying an additional 2,347 shares during the last quarter. Able Wealth Management LLC purchased a new stake in shares of Enovix during the 4th quarter worth approximately $34,000. Quest Partners LLC purchased a new stake in shares of Enovix during the 4th quarter worth approximately $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in shares of Enovix during the 4th quarter worth approximately $50,000. Hedge funds and other 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.