Enovix (NASDAQ:ENVX) Stock Price Down 6.9% - Here's Why

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares dropped 6.9% on Monday . The company traded as low as $10.42 and last traded at $10.50. Approximately 1,490,200 shares changed hands during trading, a decline of 73% from the average daily volume of 5,607,881 shares. The stock had previously closed at $11.28.

Analysts Set New Price Targets

ENVX has been the subject of several recent research reports. Janney Montgomery Scott cut shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered 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. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Finally, Benchmark restated a "buy" rating and set a $25.00 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.50.

Enovix Stock Down 2.5 %

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 firm has a 50 day moving average of $9.57 and a 200 day moving average of $11.16. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -6.83 and a beta of 1.94.

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

Insider Transactions at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company's stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company's stock.

Hedge Funds Weigh In On Enovix

Large investors have recently bought and sold shares of the stock. Arizona State Retirement System lifted its position in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company's stock worth $620,000 after buying an additional 905 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Enovix by 6.7% during the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company's stock worth $202,000 after acquiring an additional 1,367 shares during the period. Clear Creek Financial Management LLC lifted its holdings in Enovix by 3.0% during the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company's stock worth $450,000 after acquiring an additional 1,400 shares during the period. Principal Financial Group Inc. boosted its position in Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company's stock worth $310,000 after purchasing an additional 1,434 shares during the last quarter. Finally, LJI Wealth Management LLC increased its position in shares of Enovix by 2.1% during the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company's stock valued at $690,000 after purchasing an additional 1,500 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Company Profile

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.