Enovix (NASDAQ:ENVX) Shares Gap Down to $14.41

Enovix Co. (NASDAQ:ENVX) shares gapped down before the market opened on Thursday . The stock had previously closed at $14.41, but opened at $13.25. Enovix shares last traded at $13.45, with a volume of 1,601,718 shares trading hands.

Analysts Set New Price Targets

Several analysts have commented on ENVX shares. Canaccord Genuity Group increased their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. Benchmark assumed coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. Finally, Craig Hallum dropped their price target on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.67.

Enovix Stock Down 11.2 %

The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The company has a fifty day moving average price of $13.84 and a 200-day moving average price of $10.64. The stock has a market capitalization of $2.18 billion, a P/E ratio of -9.55 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. As a group, research analysts forecast that Enovix Co. will post -1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Large investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. boosted its holdings in shares of Enovix by 68.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock valued at $1,886,000 after purchasing an additional 61,327 shares during the period. Victory Capital Management Inc. raised its stake in Enovix by 29.3% in the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock worth $231,000 after buying an additional 4,170 shares in the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares in the last quarter. Raymond James & Associates raised its stake in Enovix by 7.1% in the fourth 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 in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after buying an additional 171,635 shares in the last quarter. Hedge funds and other 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.