Enovix (NASDAQ:ENVX) Trading Down 5.4%

Enovix Co. (NASDAQ:ENVX)’s share price traded down 5.4% on Thursday . The stock traded as low as $6.25 and last traded at $6.27. 4,365,850 shares were traded during mid-day trading, an increase of 1% from the average session volume of 4,331,131 shares. The stock had previously closed at $6.63.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.29.

Enovix Stock Up 4.2 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company’s fifty day moving average is $8.75 and its 200-day moving average is $10.25.

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). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. On average, equities research analysts expect that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated 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 directly owns 978,913 shares of the company’s stock, valued at approximately $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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after acquiring an additional 513,508 shares during the period. BlackRock Inc. lifted its holdings in Enovix by 24.7% during the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock valued at $155,788,000 after purchasing an additional 1,713,057 shares during the last quarter. Electron Capital Partners LLC lifted its holdings in Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the last quarter. State Street Corp lifted its holdings in Enovix by 22.0% during the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company’s stock valued at $47,319,000 after purchasing an additional 473,011 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Enovix by 0.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after purchasing an additional 9,800 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.