Enovix (NASDAQ:ENVX) Stock Price Down 5%

Enovix Co. (NASDAQ:ENVX) dropped 5% on Thursday . The company traded as low as $10.03 and last traded at $10.05. Approximately 1,061,304 shares were traded 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.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Craig Hallum decreased their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Finally, B. Riley lowered their price target on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.33.

Enovix Trading Down 10.7 %

The stock has a market capitalization of $1.61 billion, a PE ratio of -7.45 and a beta of 1.70. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The business’s 50-day moving average is $7.92 and its two-hundred day moving average is $9.99.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company 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, analysts predict that Enovix Co. will post -1.15 earnings per share for the current year.

Insider Activity

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after acquiring an additional 1,072,508 shares during the last quarter. Udine Wealth Management Inc. acquired a new position in Enovix in the fourth quarter worth about $1,687,000. tru Independence LLC bought a new stake in Enovix in the third quarter valued at about $3,745,000. Janney Montgomery Scott LLC acquired a new stake in Enovix during the third quarter valued at approximately $1,167,000. Finally, Raymond James & Associates lifted its holdings in Enovix by 7.1% during the 4th quarter. Raymond James & Associates now owns 422,563 shares of the company’s stock worth $5,290,000 after buying an additional 28,167 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other 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.