Enovix (NASDAQ:ENVX) Stock Price Down 9.1%

Enovix Co. (NASDAQ:ENVX) shares dropped 9.1% during trading on Thursday . The company traded as low as $12.50 and last traded at $13.10. Approximately 4,971,318 shares traded hands during trading, a decline of 7% from the average daily volume of 5,355,755 shares. The stock had previously closed at $14.41.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ENVX shares. TD Cowen increased their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday. Canaccord Genuity Group boosted their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. William Blair reiterated an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $19.57.

Enovix Stock Up 2.7 %

The firm has a fifty day simple moving average of $13.90 and a 200-day simple moving average of $10.66. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative return on equity of 84.28% and a negative net margin of 1,434.34%. The business had revenue of $5.27 million for the quarter, compared to analyst estimates of $4.16 million. On average, research analysts predict that Enovix Co. will post -1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares during the period. Electron Capital Partners LLC boosted its holdings in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the period. Vanguard Group Inc. grew its position in shares of Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after purchasing an additional 513,508 shares during the last quarter. Masters Capital Management LLC increased its stake in shares of Enovix by 18.2% during the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after purchasing an additional 200,000 shares during the period. Finally, PBMares Wealth Management LLC boosted its stake in Enovix by 382.2% in the 1st quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock valued at $1,738,000 after purchasing an additional 172,000 shares during the period. Institutional investors own 50.92% of the company’s stock.

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.