Enovix (NASDAQ:ENVX) Shares Down 7.5% on Insider Selling

Enovix Co. (NASDAQ:ENVX)’s stock price dropped 7.5% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $10.70 and last traded at $11.04. Approximately 2,967,015 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 5,459,982 shares. The stock had previously closed at $11.93.

Specifically, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

ENVX has been the topic of several analyst reports. B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, TD Cowen lifted their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $21.33.

Enovix Price Performance

The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -8.24 and a beta of 1.98. The stock’s 50-day moving average price is $9.97 and its 200 day moving average price is $10.82. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

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

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Driehaus Capital Management LLC increased its stake in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after purchasing an additional 513,508 shares during the period. Old West Investment Management LLC raised its holdings in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares in the last quarter. Finally, Refined Wealth Management lifted its position in shares of Enovix by 42.5% during the 1st quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after buying an additional 136,758 shares during the period. 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.