Enovix (NASDAQ:ENVX) Shares Down 1.3%

Enovix Co. (NASDAQ:ENVX) traded down 1.3% during mid-day trading on Friday . The stock traded as low as $15.37 and last traded at $15.48. 1,280,271 shares traded hands during trading, a decline of 76% from the average session volume of 5,278,271 shares. The stock had previously closed at $15.69.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note on Thursday. B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Craig Hallum decreased their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and a consensus price target of $18.33.

Enovix Trading Down 1.5 %

The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The business’s 50-day simple moving average is $10.35 and its two-hundred day simple moving average is $10.14. The company has a market capitalization of $2.63 billion, a PE ratio of -11.54 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The firm had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. On average, analysts predict that Enovix Co. will post -1.15 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Institutional investors have recently modified their holdings of the stock. Beacon Capital Management LLC raised its stake in shares of 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 purchasing an additional 1,000 shares in the last quarter. Able Wealth Management LLC acquired a new stake in Enovix during the fourth quarter worth about $34,000. Quest Partners LLC acquired a new stake in Enovix during the fourth quarter worth about $49,000. Voisard Asset Management Group Inc. acquired a new stake in Enovix during the fourth quarter worth about $50,000. Finally, Game Plan Financial Advisors LLC raised its stake in Enovix by 65.2% during the first quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock worth $81,000 after acquiring an additional 4,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.