Enovix (NASDAQ:ENVX) Stock Price Down 4.6% – Should You Sell?

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Finally, Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Trading Up 1.7 %

The company’s 50-day simple moving average is $10.30 and its 200-day simple moving average is $10.86. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) 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. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the previous year, the firm posted ($0.27) EPS. Sell-side analysts predict that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction on 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 in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV bought a new stake in Enovix in the second quarter worth $163,000. Sei Investments Co. bought a new stake in shares of Enovix during the 2nd quarter worth about $555,000. Fred Alger Management LLC acquired a new position in shares of Enovix during the 2nd quarter valued at about $354,000. Delta Investment Management LLC bought a new position in shares of Enovix in the 2nd quarter valued at approximately $155,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Enovix by 8.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 85,403 shares of the company’s stock worth $1,320,000 after purchasing an additional 6,484 shares during the last quarter. 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.