Enovix (NASDAQ:ENVX) Stock Price Down 4.6% - What's Next?

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s stock price dropped 4.6% on Thursday . The company traded as low as $10.95 and last traded at $10.91. Approximately 497,018 shares changed hands during trading, a decline of 94% from the average daily volume of 7,831,504 shares. The stock had previously closed at $11.44.

Wall Street Analysts Forecast Growth

ENVX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research report on Tuesday, October 22nd. Benchmark reiterated a "buy" rating and set a $25.00 target price 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 target price for the company. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Enovix Trading Up 1.7 %

The business has a fifty day simple moving average of $10.30 and a 200-day simple moving average of $10.86. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -7.65 and a beta of 1.86.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts' expectations of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the firm earned ($0.27) EPS. As a group, equities analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated 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 sale, the director now owns 99,497 shares of the company's stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 15.70% of the company's stock.

Institutional Investors Weigh In On Enovix

Several large investors have recently added to or reduced their stakes in ENVX. Driehaus Capital Management LLC grew its stake in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after purchasing an additional 1,512,424 shares during the period. Fred Alger Management LLC grew its stake in Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company's stock worth $5,498,000 after purchasing an additional 565,698 shares during the period. Sora Investors LLC grew its stake in Enovix by 75.0% during the third quarter. Sora Investors LLC now owns 525,000 shares of the company's stock worth $4,904,000 after purchasing an additional 225,000 shares during the period. Barclays PLC boosted its holdings in Enovix by 376.9% in the third quarter. Barclays PLC now owns 252,012 shares of the company's stock worth $2,353,000 after acquiring an additional 199,166 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Enovix by 5.4% in the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company's stock worth $33,477,000 after acquiring an additional 182,757 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 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.