Enovix (NASDAQ:ENVX) Trading Down 5.2% – Here’s Why

Enovix Corporation (NASDAQ:ENVX)’s stock price dropped 5.2% during trading on Friday . The company traded as low as $7.82 and last traded at $7.84. Approximately 1,222,519 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 6,859,873 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

Several research firms have weighed in on ENVX. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a report on Monday. Wall Street Zen lowered shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Canaccord Genuity Group reduced their price target on shares of Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Cantor Fitzgerald lowered their price objective on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.50.

Enovix Trading Down 5.1%

The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The firm has a market cap of $1.69 billion, a PE ratio of -9.72 and a beta of 2.12. The stock has a 50-day simple moving average of $9.16 and a two-hundred day simple moving average of $10.38.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The company had revenue of $7.47 million for the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. As a group, sell-side analysts anticipate that Enovix Corporation will post -1.01 EPS for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 18,614 shares of the stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total value of $241,982.00. Following the transaction, the chief operating officer owned 1,002,684 shares of the company’s stock, valued at approximately $13,034,892. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently made changes to their positions in the business. Caitlin John LLC purchased a new position in Enovix during the third quarter valued at $27,000. Parallel Advisors LLC grew its stake in shares of Enovix by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after acquiring an additional 1,342 shares during the period. Stone House Investment Management LLC lifted its holdings in Enovix by 56.4% during the third quarter. Stone House Investment Management LLC now owns 7,922 shares of the company’s stock valued at $79,000 after purchasing an additional 2,857 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Enovix during the 3rd quarter valued at $80,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Enovix in the first quarter valued at about $98,000. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.