Enovix (NASDAQ:ENVX) COO Sells $1,441,200.00 in Stock

Key Points

• Enovix COO Ajay Marathe sold 120,000 shares for approximately $1.44 million, reducing his ownership by 10.46% to over 1 million shares.
• Enovix's stock price increased by 8.7%, reaching $12.96, following strong trading volume significantly above its average.
• The company reported revenue of $7.50 million for the previous quarter, marking a 98.2% year-over-year increase despite a negative EPS of -$0.13.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) COO Ajay Marathe sold 120,000 shares of Enovix stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the transaction, the chief operating officer directly owned 1,027,259 shares in the company, valued at $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Enovix Stock Up 8.7%

ENVX stock traded up $1.04 during trading on Monday, reaching $12.96. The stock had a trading volume of 10,020,100 shares, compared to its average volume of 6,759,230. Enovix Corporation has a one year low of $5.27 and a one year high of $16.49. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The company's 50 day moving average is $10.42 and its two-hundred day moving average is $9.34. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -15.43 and a beta of 2.07.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The firm had revenue of $7.50 million for the quarter, compared to the consensus estimate of $5.48 million. During the same quarter in the previous year, the business earned ($0.14) EPS. The company's revenue was up 98.2% compared to the same quarter last year. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Equities research analysts forecast that Enovix Corporation will post -1.01 EPS for the current year.

Enovix declared that its board has approved a stock repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently modified their holdings of ENVX. Moody National Bank Trust Division increased its holdings in Enovix by 34.8% during the 3rd quarter. Moody National Bank Trust Division now owns 100,775 shares of the company's stock valued at $1,005,000 after purchasing an additional 25,995 shares during the period. Reynders McVeigh Capital Management LLC increased its holdings in Enovix by 11.1% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 260,330 shares of the company's stock valued at $2,692,000 after purchasing an additional 26,090 shares during the period. Promus Capital LLC increased its stake in shares of Enovix by 3,500.0% during the second quarter. Promus Capital LLC now owns 18,000 shares of the company's stock valued at $186,000 after buying an additional 17,500 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in shares of Enovix during the second quarter valued at approximately $290,000. Finally, Headlands Technologies LLC purchased a new position in shares of Enovix during the second quarter valued at approximately $132,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ENVX shares. Benchmark upped their price objective on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Enovix in a research report on Saturday, September 27th. TD Cowen raised shares of Enovix to a "hold" rating and upped their price objective for the company from $7.00 to $15.00 in a report on Monday, July 7th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, Canaccord Genuity Group upped their price target on shares of Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $17.00.

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.

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