Enovix (NASDAQ:ENVX) Shares Gap Down - Here's Why

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $8.65, but opened at $8.26. Enovix shares last traded at $8.20, with a volume of 748,203 shares.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Benchmark dropped their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. B. Riley cut their price objective on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Finally, TD Securities cut their price target on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.27.

Enovix Price Performance

The stock has a market capitalization of $1.70 billion, a PE ratio of -6.11 and a beta of 2.00. The business's 50-day moving average price is $7.17 and its 200 day moving average price is $8.92. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Institutional Trading of Enovix

A number of large investors have recently modified their holdings of ENVX. Vanguard Group Inc. lifted its position in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Fred Alger Management LLC raised its position in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after buying an additional 1,250,300 shares in the last quarter. Electron Capital Partners LLC lifted its holdings in shares of Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock worth $49,272,000 after acquiring an additional 1,054,029 shares during the last quarter. CenterBook Partners LP lifted its holdings in shares of Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after acquiring an additional 721,309 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Enovix by 65.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock valued at $8,351,000 after acquiring an additional 449,934 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Company Profile

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.