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Enovix (NASDAQ:ENVX) Shares Down 4.9% - Should You Sell?

Enovix logo with Energy background

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were down 4.9% during trading on Friday . The stock traded as low as $10.05 and last traded at $10.02. Approximately 2,227,197 shares traded hands during trading, a decline of 61% from the average daily volume of 5,765,407 shares. The stock had previously closed at $10.53.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. TD Securities cut their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Benchmark cut their price target on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, B. Riley lowered their price target on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.27.

Get Our Latest Stock Analysis on Enovix

Enovix Trading Down 4.2%

The company has a 50 day moving average of $7.64 and a 200 day moving average of $8.87. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -7.83 and a beta of 2.00.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently modified their holdings of the business. Deutsche Bank AG boosted its holdings in shares of Enovix by 44.8% during the 4th quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock worth $1,528,000 after purchasing an additional 43,498 shares during the last quarter. Vanguard Group Inc. grew its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Refined Wealth Management increased its stake in shares of Enovix by 18.8% in the 1st quarter. Refined Wealth Management now owns 675,449 shares of the company's stock worth $4,958,000 after acquiring an additional 106,843 shares during the last quarter. Strong Tower Advisory Services raised its holdings in shares of Enovix by 93.1% during the 1st quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock worth $1,057,000 after acquiring an additional 69,435 shares during the period. Finally, Haven Private LLC purchased a new position in shares of Enovix during the 4th quarter worth $454,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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