Enovix (NASDAQ:ENVX) Stock Price Down 7.5% After Insider Selling

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) fell 7.5% on Wednesday after an insider sold shares in the company. The company traded as low as $10.70 and last traded at $11.04. 2,967,015 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 5,459,982 shares. The stock had previously closed at $11.93.

Specifically, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Benchmark began coverage on shares of Enovix in a research report on Monday, July 22nd. They set a "buy" rating and a $25.00 price target for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Enovix presently has a consensus rating of "Buy" and an average target price of $21.33.

Enovix Price Performance

The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The firm's 50-day moving average is $9.97 and its 200-day moving average is $10.82. The company has a market cap of $1.89 billion, a PE ratio of -8.24 and a beta of 1.98.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. On average, equities analysts anticipate that Enovix Co. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. increased its stake in shares of Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company's stock worth $104,881,000 after acquiring an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% in 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. Scientech Research LLC bought a new position in shares of Enovix during the second quarter valued at approximately $834,000. Wealth Effects LLC lifted its holdings in shares of Enovix by 55.6% during the second quarter. Wealth Effects LLC now owns 229,001 shares of the company's stock valued at $3,540,000 after purchasing an additional 81,801 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its holdings in shares of Enovix by 36.6% during the first quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company's stock valued at $118,000 after purchasing an additional 3,936 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

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.