Enovix Co. (NASDAQ:ENVX) CEO Sells $2,805,000.00 in Stock

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

Enovix Stock Performance

Shares of NASDAQ:ENVX traded down $0.12 during trading on Friday, hitting $8.92. 7,582,626 shares of the stock traded hands, compared to its average volume of 7,068,572. The company has a fifty day moving average price of $11.24 and a two-hundred day moving average price of $10.26. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -6.15 and a beta of 1.87. 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 data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. As a group, equities analysts predict that Enovix Co. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Enovix

Large investors have recently bought and sold shares of the business. Fifth Third Bancorp increased its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after buying an additional 1,000 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in Enovix by 1.8% in the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock worth $625,000 after acquiring an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC raised its position in Enovix by 6.2% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock worth $228,000 after acquiring an additional 1,214 shares during the period. Victory Capital Management Inc. lifted its holdings in Enovix by 6.8% during the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock valued at $214,000 after purchasing an additional 1,257 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in Enovix by 6.7% during the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock valued at $202,000 after purchasing an additional 1,367 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.