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

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) 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 traded.

Wall Street Analyst Weigh In

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

Enovix Price Performance

The stock has a market capitalization of $1.58 billion, a P/E ratio of -5.67 and a beta of 2.00. The company's 50 day simple moving average is $7.17 and its two-hundred day simple moving average is $8.93. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hodges Capital Management Inc. lifted its position in Enovix by 52.2% during the 1st quarter. Hodges Capital Management Inc. now owns 87,500 shares of the company's stock worth $642,000 after buying an additional 30,000 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Enovix by 7.1% during the first quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock valued at $1,723,000 after purchasing an additional 15,615 shares during the last quarter. Integrity Alliance LLC. acquired a new stake in shares of Enovix in the first quarter valued at approximately $98,000. Bayforest Capital Ltd acquired a new stake in shares of Enovix in the first quarter valued at approximately $385,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Enovix by 18.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company's stock worth $2,628,000 after purchasing an additional 55,676 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

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.