Enovix (NASDAQ:ENVX) Trading Down 5%

Enovix Co. (NASDAQ:ENVX) fell 5% during mid-day trading on Monday . The company traded as low as $7.53 and last traded at $7.55. 2,955,399 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 5,373,622 shares. The stock had previously closed at $7.95.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of recent research reports. TD Cowen upped their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Canaccord Genuity Group upped their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Finally, Piper Sandler restated an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $21.33.

Enovix Trading Up 8.2 %

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -6.68 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The company’s 50-day moving average is $12.43 and its 200-day moving average is $10.55.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. On average, research analysts predict that Enovix Co. will post -1.21 earnings per share for the current year.

Insider Activity

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

Large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in 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 purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Enovix in the 2nd quarter valued at $39,000. Able Wealth Management LLC bought a new stake in Enovix in the 4th quarter valued at $34,000. Finally, Quest Partners LLC acquired a new position in Enovix in the 4th quarter worth $49,000. 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.