Insider Selling: Enovix Co. (NASDAQ:ENVX) COO Sells 4,954 Shares of Stock

Enovix Co. (NASDAQ:ENVX) COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Enovix Stock Performance

Shares of Enovix stock traded up $0.32 during trading on Tuesday, reaching $7.02. The company’s stock had a trading volume of 6,744,139 shares, compared to its average volume of 4,311,817. The company has a 50-day moving average price of $9.08 and a two-hundred day moving average price of $10.39. The firm has a market cap of $1.18 billion, a PE ratio of -4.63 and a beta of 1.62. Enovix Co. has a fifty-two week low of $6.64 and a fifty-two week high of $23.90. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. On average, analysts forecast that Enovix Co. will post -1.13 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on ENVX shares. William Blair started coverage on shares of Enovix in a research report on Monday, December 18th. They set an “outperform” rating for the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently bought and sold shares of the company. Credit Suisse AG increased its stake in Enovix by 1.1% in the 2nd quarter. Credit Suisse AG now owns 55,808 shares of the company’s stock valued at $498,000 after buying an additional 603 shares during the period. Corient Private Wealth LLC increased its stake in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after buying an additional 910 shares during the period. Beacon Capital Management LLC increased its stake in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the period. Legal & General Group Plc increased its stake in Enovix by 0.8% in the 4th quarter. Legal & General Group Plc now owns 129,527 shares of the company’s stock valued at $1,622,000 after buying an additional 1,011 shares during the period. Finally, Amalgamated Bank increased its stake in Enovix by 5.9% in the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock valued at $261,000 after buying an additional 1,154 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

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.