Enovix (NASDAQ:ENVX) Trading Down 1.7% - What's Next?

Enovix Co. (NASDAQ:ENVX - Get Free Report) traded down 1.7% during mid-day trading on Monday . The company traded as low as $11.20 and last traded at $11.26. 834,430 shares were traded during trading, a decline of 85% from the average session volume of 5,457,923 shares. The stock had previously closed at $11.45.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group lifted their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. B. Riley upgraded shares of Enovix to a "strong-buy" rating in a research note on Tuesday, June 25th. Piper Sandler reiterated an "overweight" rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Craig Hallum lifted their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Finally, TD Cowen lifted their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of "Buy" and an average price target of $21.33.

Enovix Stock 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 company has a market cap of $1.95 billion, a PE ratio of -8.55 and a beta of 1.98. The business's fifty day moving average is $10.01 and its 200-day moving average is $10.92.

Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million for the quarter, compared to analysts' expectations of $3.85 million. As a group, research analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix 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 completion of the transaction, the insider now directly owns 343,305 shares of the company's stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

A number of large investors have recently bought and sold shares of ENVX. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock worth $29,000 after buying an additional 957 shares during the period. GAMMA Investing LLC raised its stake in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company's stock worth $37,000 after buying an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Enovix during the 2nd quarter worth approximately $39,000. Beacon Capital Management LLC raised its stake in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company's stock worth $34,000 after buying an additional 1,798 shares during the period. Finally, Voisard Asset Management Group Inc. raised its stake in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company's stock worth $77,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.