Enovix (NASDAQ:ENVX) Shares Gap Down – Time to Sell?

Shares of Enovix Co. (NASDAQ:ENVX) gapped down before the market opened on Monday . The stock had previously closed at $8.98, but opened at $8.29. Enovix shares last traded at $7.71, with a volume of 4,335,958 shares.

Wall Street Analysts Forecast Growth

ENVX has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Oppenheimer reissued an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their target price 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 research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Up 2.7 %

The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -5.37 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock’s fifty day simple moving average is $9.91 and its two-hundred day simple moving average is $11.24.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period last year, the company posted ($0.27) earnings per share. On average, sell-side analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Insider Buying and Selling

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

Institutional Trading of Enovix

Institutional investors and hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new position in shares of Enovix during the 3rd quarter worth about $117,000. Franklin Resources Inc. raised its position in shares of Enovix by 81.4% in the 3rd quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after buying an additional 35,711 shares in the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Enovix by 37.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 165,703 shares of the company’s stock valued at $1,563,000 after purchasing an additional 44,956 shares in the last quarter. Virtu Financial LLC bought a new position in Enovix in the third quarter valued at about $205,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Enovix by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after acquiring an additional 182,757 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

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.