Enovix (NASDAQ:ENVX) Trading Down 9.1%

Shares of Enovix Co. (NASDAQ:ENVX) were down 9.1% during mid-day trading on Thursday . The company traded as low as $12.50 and last traded at $13.10. Approximately 4,971,318 shares changed hands during trading, a decline of 7% from the average daily volume of 5,355,755 shares. The stock had previously closed at $14.41.

Analyst Ratings Changes

A number of brokerages recently issued reports on ENVX. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, William Blair restated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $19.57.

Enovix Trading Up 2.7 %

The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average is $13.90 and its 200 day moving average is $10.66.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. The business had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Research analysts predict that Enovix Co. will post -1.14 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Blue Trust Inc. raised its stake in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the last quarter. GAMMA Investing LLC grew its stake in 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 acquiring an additional 2,347 shares in the last quarter. Able Wealth Management LLC acquired a new stake in Enovix in the 4th quarter valued at about $34,000. Quest Partners LLC purchased a new position in Enovix in the 4th quarter worth approximately $49,000. Finally, Voisard Asset Management Group Inc. acquired a new position 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.

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.