Enovix (NASDAQ:ENVX) Trading Down 6.3% - Should You Sell?

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) traded down 6.3% on Wednesday . The stock traded as low as $8.27 and last traded at $8.19. 802,011 shares traded hands during trading, a decline of 87% from the average session volume of 5,977,669 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Enovix Price Performance

The company's fifty day moving average is $9.92 and its two-hundred day moving average is $10.04. 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 $1.43 billion, a price-to-earnings ratio of -5.16 and a beta of 1.93.

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

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Insider Buying and Selling at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the company'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 transaction, the chief executive officer now directly owns 2,045,301 shares of the company's stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 15.70% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Coppell Advisory Solutions LLC acquired a new stake in Enovix during the 4th quarter valued at approximately $27,000. Fifth Third Bancorp boosted its stake in shares of 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 last quarter. Sava Infond d.o.o. acquired a new stake in shares of Enovix during the fourth quarter worth approximately $43,000. Hollencrest Capital Management increased its stake in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after buying an additional 2,000 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Enovix in the fourth quarter valued at $64,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.