Enovix (NASDAQ:ENVX) Reaches New 52-Week Low - Should You Sell?

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares reached a new 52-week low during trading on Friday . The stock traded as low as $5.69 and last traded at $6.11, with a volume of 4868695 shares changing hands. The stock had previously closed at $6.63.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ENVX. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $20.30.

Enovix Stock Up 21.6 %

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 stock has a market capitalization of $1.27 billion, a PE ratio of -4.58 and a beta of 1.98. The company has a 50 day moving average price of $8.89 and a 200-day moving average price of $9.87.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, analysts forecast that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the sale, the chief executive officer now owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock worth $61,510,000 after acquiring an additional 29,109 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares during the last quarter. Royal Bank of Canada increased its position in shares of Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after buying an additional 28,591 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after purchasing an additional 1,250,300 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.