Enovix (NASDAQ:ENVX) Shares Down 7.5% - Should You Sell?

Enovix Co. (NASDAQ:ENVX - Get Free Report) dropped 7.5% on Tuesday . The stock traded as low as $10.92 and last traded at $10.91. Approximately 3,441,713 shares were traded during trading, a decline of 50% from the average daily volume of 6,880,646 shares. The stock had previously closed at $11.79.

Wall Street Analyst Weigh In

ENVX has been the topic of several research reports. Janney Montgomery Scott lowered 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. Benchmark reissued a "buy" rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Enovix presently has a consensus rating of "Moderate Buy" and an average target price of $20.50.

Enovix Stock Up 3.9 %

The company has a 50 day moving average price of $10.96 and a two-hundred day moving average price of $10.32. 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 cap of $2.04 billion, a PE ratio of -7.11 and a beta of 1.87.

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Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value 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. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 15.70% of the company's stock.

Institutional Trading of Enovix

Hedge funds have recently bought and sold shares of the company. Lpwm LLC purchased a new stake in Enovix during the fourth quarter valued at $549,000. Oppenheimer & Co. Inc. increased its position in Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company's stock valued at $2,541,000 after acquiring an additional 93,303 shares during the last quarter. Stifel Financial Corp increased its position in Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock valued at $8,875,000 after acquiring an additional 55,094 shares during the last quarter. Register Financial Advisors LLC increased its position in Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company's stock valued at $1,901,000 after acquiring an additional 110,750 shares during the last quarter. Finally, Sonora Investment Management Group LLC increased its position in Enovix by 10.1% during the fourth quarter. Sonora Investment Management Group LLC now owns 275,901 shares of the company's stock valued at $2,999,000 after acquiring an additional 25,271 shares during the last quarter. Hedge funds and other institutional investors 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.