Weiss Ratings Reaffirms Sell (D-) Rating for Enovix (NASDAQ:ENVX)

Enovix (NASDAQ:ENVX)‘s stock had its “sell (d-)” rating restated by research analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

ENVX has been the topic of several other research reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 price objective (up previously from $9.00) on shares of Enovix in a report on Thursday, July 24th. Benchmark lifted their price objective on Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Canaccord Genuity Group lifted their price objective on Enovix from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, August 4th. TD Cowen raised Enovix to a “hold” rating and lifted their price objective for the stock from $7.00 to $15.00 in a report on Monday, July 7th. Finally, Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Enovix currently has a consensus rating of “Hold” and an average target price of $17.88.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $11.99 on Friday. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The business’s 50 day moving average is $10.75 and its two-hundred day moving average is $10.07. The company has a market cap of $2.36 billion, a P/E ratio of -14.27 and a beta of 2.07. Enovix has a 12 month low of $5.27 and a 12 month high of $16.49.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The business had revenue of $7.47 million during the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. On average, equities analysts expect that Enovix will post -1.01 EPS for the current year.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 18,614 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total value of $241,982.00. Following the sale, the chief operating officer owned 1,002,684 shares of the company’s stock, valued at $13,034,892. The trade was a 1.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

Several institutional investors have recently bought and sold shares of the stock. Electron Capital Partners LLC boosted its stake in Enovix by 5.3% in the 2nd quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock valued at $73,065,000 after buying an additional 353,530 shares in the last quarter. Geode Capital Management LLC boosted its stake in Enovix by 1.4% in the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock worth $41,122,000 after purchasing an additional 55,506 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Enovix by 1.8% in the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock worth $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Fred Alger Management LLC boosted its stake in Enovix by 21.5% in the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after purchasing an additional 394,532 shares in the last quarter. Finally, CenterBook Partners LP boosted its stake in Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock worth $12,746,000 after purchasing an additional 721,309 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

About Enovix

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.