Enovix (NASDAQ:ENVX) Shares Down 8.3% - Time to Sell?

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s stock price dropped 8.3% during trading on Wednesday . The stock traded as low as $13.06 and last traded at $13.14. Approximately 4,158,394 shares changed hands during trading, a decline of 57% from the average daily volume of 9,569,026 shares. The stock had previously closed at $14.33.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ENVX shares. Benchmark restated a "buy" rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. reduced 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 investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.50.

Enovix Stock Performance

The stock has a market cap of $2.18 billion, a P/E ratio of -7.60 and a beta of 1.86. 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's 50 day simple moving average is $9.75 and its two-hundred day simple moving average is $11.15.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million for the quarter, compared to analysts' expectations of $4.11 million. During the same period in the previous year, the firm posted ($0.27) EPS. As a group, research analysts forecast that Enovix Co. will post -1.17 EPS for the current year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company's stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the business'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 sale, the director now directly 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 disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. lifted its stake in Enovix by 52.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company's stock valued at $2,541,000 after purchasing an additional 93,303 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock valued at $8,875,000 after buying an additional 55,094 shares during the last quarter. One Wealth Advisors LLC acquired a new stake in shares of Enovix in the third quarter valued at approximately $700,000. Driehaus Capital Management LLC boosted its stake in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the period. Finally, Scientech Research LLC acquired a new position in shares of Enovix during the 2nd quarter worth approximately $834,000. 50.92% of the stock is currently owned by institutional investors.

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.