Enovix (NASDAQ:ENVX) Shares Gap Down Following Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s share price gapped down prior to trading on Thursday after Craig Hallum lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $11.19, but opened at $10.26. Craig Hallum currently has a buy rating on the stock. Enovix shares last traded at $10.97, with a volume of 3,905,697 shares.

ENVX has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Activity

In other news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in shares of Enovix during the third quarter valued at about $27,000. Fifth Third Bancorp grew its position in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after acquiring an additional 1,000 shares in the last quarter. Coppell Advisory Solutions LLC purchased a new position in Enovix in the fourth quarter worth about $27,000. Sava Infond d.o.o. purchased a new position in Enovix in the fourth quarter worth about $43,000. Finally, Hollencrest Capital Management grew its position in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Trading Up 2.5 %

The company has a market cap of $2.04 billion, a PE ratio of -7.12 and a beta of 1.87. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a 50-day moving average of $11.11 and a 200 day moving average of $10.30.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. Analysts predict that Enovix Co. will post -1.16 earnings per share for the current year.

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.