Rajendra K. Talluri Sells 300,000 Shares of Enovix Co. (NASDAQ:ENVX) Stock

Enovix Co. (NASDAQ:ENVX) CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Enovix Trading Down 1.3 %

NASDAQ:ENVX opened at $8.92 on Friday. The stock’s 50 day moving average price is $11.22 and its 200 day moving average price is $10.25. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a market capitalization of $1.59 billion, a P/E ratio of -6.15 and a beta of 1.87. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. On average, research analysts forecast that Enovix Co. will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Coppell Advisory Solutions LLC acquired a new position in Enovix during the fourth quarter valued at approximately $27,000. Fifth Third Bancorp grew its holdings in Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Enovix during the third quarter valued at approximately $27,000. Sava Infond d.o.o. bought a new stake in shares of Enovix in the fourth quarter valued at approximately $43,000. Finally, Hollencrest Capital Management boosted its position in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after acquiring an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Ratings Changes

ENVX has been the topic of a number of research reports. Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average price target of $20.30.

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.