Enovix (NASDAQ:ENVX) Shares Gap Down to $9.78

Enovix Co. (NASDAQ:ENVX) gapped down prior to trading on Tuesday . The stock had previously closed at $9.78, but opened at $9.41. Enovix shares last traded at $9.18, with a volume of 1,740,204 shares traded.

Analyst Ratings Changes

A number of research firms have recently issued reports on ENVX. Craig Hallum reduced 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. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Finally, B. Riley cut their target price 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. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.33.

Enovix Trading Down 10.8 %

The firm has a 50 day moving average of $7.88 and a 200-day moving average of $9.99. The firm has a market capitalization of $1.48 billion, a P/E ratio of -6.80 and a beta of 1.70. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative return on equity of 83.66% and a negative net margin of 1,448.90%. The business had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. On average, equities research analysts predict that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swiss National Bank boosted its position in shares of Enovix by 5.0% during the 1st quarter. Swiss National Bank now owns 281,600 shares of the company’s stock valued at $2,256,000 after purchasing an additional 13,400 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Enovix by 10.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 166,850 shares of the company’s stock valued at $1,336,000 after purchasing an additional 16,230 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Enovix by 439.8% during the 1st quarter. SG Americas Securities LLC now owns 116,662 shares of the company’s stock valued at $934,000 after purchasing an additional 95,049 shares in the last quarter. Quantbot Technologies LP boosted its position in shares of Enovix by 17.1% during the 1st quarter. Quantbot Technologies LP now owns 167,636 shares of the company’s stock valued at $1,343,000 after purchasing an additional 24,513 shares in the last quarter. Finally, Clarity Capital Partners LLC boosted its position in shares of Enovix by 5.0% during the 1st quarter. Clarity Capital Partners LLC now owns 137,818 shares of the company’s stock valued at $1,104,000 after purchasing an additional 6,578 shares in the last quarter. Institutional investors and hedge funds 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.