Enovix (NASDAQ:ENVX) Stock Price Down 8.3% – Time to Sell?

Enovix Co. (NASDAQ:ENVX) shares dropped 8.3% on Wednesday . The stock traded as low as $13.06 and last traded at $13.14. Approximately 4,158,394 shares were traded during trading, a decline of 57% from the average daily volume of 9,569,026 shares. The stock had previously closed at $14.33.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ENVX. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Down 13.5 %

The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -7.70 and a beta of 1.86. The business’s fifty day moving average is $9.72 and its two-hundred day moving average is $11.14. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter last year, the company posted ($0.27) earnings per share. Equities analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Institutional Trading of Enovix

Several hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. boosted its holdings in shares of Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after buying an additional 93,303 shares during the period. Stifel Financial Corp increased its holdings in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares during the period. One Wealth Advisors LLC bought a new position in Enovix during the third quarter valued at about $700,000. Driehaus Capital Management LLC lifted its position in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares during the period. Finally, Scientech Research LLC bought a new stake in Enovix during the second quarter worth about $834,000. Institutional investors own 50.92% of the company’s stock.

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.