Enovix (NASDAQ:ENVX) Shares Down 5.4% – Should You Sell?

Shares of Enovix Co. (NASDAQ:ENVX) dropped 5.4% during mid-day trading on Tuesday . The company traded as low as $9.64 and last traded at $9.66. Approximately 1,043,115 shares changed hands during trading, a decline of 81% from the average daily volume of 5,583,363 shares. The stock had previously closed at $10.21.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. JPMorgan Chase & Co. dropped their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Finally, Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average price target of $20.50.

Enovix Stock Performance

The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -6.00 and a beta of 1.94. The firm’s fifty day moving average price is $10.05 and its 200 day moving average price is $11.32.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the prior year, the business posted ($0.27) earnings per share. Analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

A number of large investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. GAMMA Investing LLC raised its position in 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. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix in the second quarter valued at about $39,000. Prospera Private Wealth LLC acquired a new position in Enovix during the third quarter worth $27,000. Finally, Voisard Asset Management Group Inc. boosted its position in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.