Enovix (NASDAQ:ENVX) Trading Down 8.1% – Here’s What Happened

Enovix Corporation (NASDAQ:ENVX) shares were down 8.1% during trading on Tuesday . The company traded as low as $5.32 and last traded at $5.2850. Approximately 1,862,193 shares were traded during trading, a decline of 70% from the average daily volume of 6,281,965 shares. The stock had previously closed at $5.75.

Analysts Set New Price Targets

A number of analysts recently commented on ENVX shares. Wells Fargo & Company set a $6.00 price objective on Enovix in a research note on Thursday, March 12th. Oppenheimer reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. B. Riley Financial decreased their price objective on Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Canaccord Genuity Group decreased their price objective on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.46.

Enovix Trading Down 6.5%

The business has a 50 day moving average of $5.64 and a 200 day moving average of $8.04. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -7.01 and a beta of 2.16.

Institutional Trading of Enovix

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Enovix by 10.9% in the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after buying an additional 1,747,145 shares during the last quarter. Electron Capital Partners LLC boosted its stake in Enovix by 13.8% in the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after buying an additional 972,103 shares during the last quarter. Geode Capital Management LLC boosted its stake in Enovix by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company’s stock worth $32,268,000 after buying an additional 253,906 shares during the last quarter. State Street Corp boosted its stake in Enovix by 2.0% in the 4th quarter. State Street Corp now owns 3,959,029 shares of the company’s stock worth $28,941,000 after buying an additional 77,079 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Enovix by 18.0% in the 4th quarter. Royal Bank of Canada now owns 2,525,268 shares of the company’s stock worth $18,461,000 after buying an additional 385,983 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.