Enovix (NASDAQ:ENVX) Reaches New 52-Week Low at $6.95

Enovix Co. (NASDAQ:ENVX) shares hit a new 52-week low during trading on Monday . The company traded as low as $6.95 and last traded at $7.05, with a volume of 1209061 shares changing hands. The stock had previously closed at $7.31.

Analyst Ratings Changes

ENVX has been the topic of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, February 21st. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.29.

Enovix Stock Up 2.8 %

The stock’s fifty day moving average price is $9.02 and its two-hundred day moving average price is $10.35. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, research analysts forecast that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Large investors have recently modified their holdings of the business. Macquarie Group Ltd. acquired a new stake in shares of Enovix during the third quarter worth $26,000. Beacon Capital Management LLC increased its position in shares of Enovix by 66.7% during 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. Allspring Global Investments Holdings LLC acquired a new stake in shares of Enovix during the third quarter worth $31,000. Carmel Capital Partners LLC acquired a new stake in shares of Enovix during the third quarter worth $34,000. Finally, Able Wealth Management LLC acquired a new stake in shares of Enovix during the fourth quarter worth $34,000. 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.