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

Enovix Co. (NASDAQ:ENVX - Get Free Report)'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.

Several other brokerages have also recently weighed in on ENVX. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday. 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 research report on Thursday, October 31st. Finally, Benchmark reaffirmed a "buy" rating and set a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two equities 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, Enovix presently has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Insider Buying and Selling

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 transaction, the director now directly owns 99,497 shares of the company's stock, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.70% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC purchased a new stake in shares of Enovix during the third quarter valued at approximately $27,000. Fifth Third Bancorp boosted its position in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock valued at $27,000 after buying an additional 1,000 shares during the period. Coppell Advisory Solutions LLC bought a new stake in Enovix in the 4th quarter worth $27,000. Sava Infond d.o.o. purchased a new position in shares of Enovix in the fourth quarter valued at about $43,000. Finally, Hollencrest Capital Management raised its stake in shares of Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Trading Down 8.4 %

The company has a market capitalization of $1.75 billion, a PE ratio of -6.77 and a beta of 1.87. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock's fifty day moving average price is $11.15 and its two-hundred day moving average price is $10.29.

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

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.