Enovix (NASDAQ:ENVX) Stock Price Down 5%

Enovix Co. (NASDAQ:ENVX) shares dropped 5% during trading on Thursday . The stock traded as low as $10.03 and last traded at $10.05. Approximately 1,061,304 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 4,950,697 shares. The stock had previously closed at $10.58.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. William Blair restated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.33.

Enovix Price Performance

The stock has a market cap of $1.84 billion, a PE ratio of -8.07 and a beta of 1.70. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The firm’s 50 day moving average price is $8.02 and its two-hundred day moving average price is $9.99.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The firm had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. On average, research analysts expect that Enovix Co. will post -1.15 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC lifted its holdings in shares of Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after acquiring an additional 910 shares during the last quarter. Beacon Capital Management LLC increased its stake in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the period. Amalgamated Bank increased its stake in shares of Enovix by 5.9% in the third quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock worth $261,000 after buying an additional 1,154 shares during the period. Victory Capital Management Inc. increased its stake in shares of Enovix by 10.5% in the third quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock worth $179,000 after buying an additional 1,351 shares during the period. Finally, Insight Advisors LLC PA increased its position in shares of Enovix by 3.2% in the fourth quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock valued at $555,000 after acquiring an additional 1,370 shares during the period. 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.