Enovix (NASDAQ:ENVX) Shares Gap Down on Analyst Downgrade

Enovix Corporation (NASDAQ:ENVX) gapped down prior to trading on Thursday after Cantor Fitzgerald lowered their price target on the stock from $30.00 to $25.00. The stock had previously closed at $11.32, but opened at $9.98. Cantor Fitzgerald currently has an overweight rating on the stock. Enovix shares last traded at $8.8030, with a volume of 9,070,872 shares.

Other research analysts also recently issued reports about the company. Benchmark raised 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. JPMorgan Chase & Co. restated a “neutral” rating and set a $12.00 price objective (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a report on Friday, October 31st. Canaccord Genuity Group raised 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. Finally, Wall Street Zen downgraded Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.25.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 18,614 shares of the firm’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 completion of the sale, the chief operating officer owned 1,002,684 shares of the company’s stock, valued at $13,034,892. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is owned by insiders.

Institutional Trading of Enovix

Institutional investors have recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC acquired a new position in Enovix during the 2nd quarter valued at approximately $13,206,000. Electron Capital Partners LLC increased its stake in Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock valued at $49,272,000 after purchasing an additional 1,054,029 shares in the last quarter. CenterBook Partners LP increased its stake in Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after purchasing an additional 721,309 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Enovix by 65.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company’s stock valued at $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Enovix during the 1st quarter worth about $3,030,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 23.2%

The stock has a 50-day simple moving average of $10.82 and a 200 day simple moving average of $10.18. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -10.39 and a beta of 2.09.

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

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.