Enovix (NASDAQ:ENVX) Shares Down 6.3% – Here’s What Happened

Enovix Co. (NASDAQ:ENVX) traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $8.27 and last traded at $8.19. 802,011 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 5,977,669 shares. The stock had previously closed at $8.74.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum decreased their target price on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.30.

Enovix Stock Performance

The firm has a market cap of $1.43 billion, a PE ratio of -5.16 and a beta of 1.93. The company has a 50 day simple moving average of $9.98 and a 200-day simple moving average of $10.03. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. As a group, equities research analysts anticipate that Enovix Co. will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System raised its position in Enovix by 2.8% during the 4th quarter. California State Teachers Retirement System now owns 141,206 shares of the company’s stock valued at $1,535,000 after purchasing an additional 3,870 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Enovix by 6.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company’s stock valued at $233,000 after buying an additional 1,336 shares during the period. Fluent Financial LLC bought a new position in shares of Enovix during the fourth quarter valued at approximately $737,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Enovix in the fourth quarter worth $2,101,000. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Enovix by 104.6% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 23,575 shares of the company’s stock valued at $256,000 after acquiring an additional 12,050 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.