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Enovix (NASDAQ:ENVX) Stock Price Down 12.2% - What's Next?

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Key Points

  • Enovix Corporation's stock dropped 12.2% to $11.58, with trading volume increasing by 55% from the average.
  • Wall Street analysts have mixed opinions, with five rating it as "Buy" and five as "Hold," and a consensus price target of $17.00.
  • The company's recent earnings report showed a loss of $0.13 per share and a revenue of $7.47 million, indicating continued financial challenges.
  • Interested in Enovix? Here are five stocks we like better.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) was down 12.2% on Thursday . The stock traded as low as $11.62 and last traded at $11.58. Approximately 10,666,187 shares traded hands during mid-day trading, an increase of 55% from the average daily volume of 6,863,775 shares. The stock had previously closed at $13.19.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ENVX shares. Canaccord Genuity Group raised their target price on Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $12.00 target price (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Benchmark raised their target price on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. TD Cowen upgraded Enovix to a "hold" rating and lifted their price objective for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. Finally, Cowen reiterated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Enovix has a consensus rating of "Hold" and a consensus price target of $17.00.

View Our Latest Research Report on Enovix

Enovix Stock Performance

The firm has a 50 day simple moving average of $10.45 and a 200-day simple moving average of $9.57. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -13.70 and a beta of 2.07.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. The business had revenue of $7.47 million for the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. As a group, analysts predict that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 18,614 shares of Enovix stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total value of $241,982.00. Following the completion of the sale, the chief operating officer directly owned 1,002,684 shares of the company's stock, valued at approximately $13,034,892. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Stone House Investment Management LLC purchased a new position in Enovix in the first quarter valued at $37,000. Sava Infond d.o.o. lifted its holdings in Enovix by 50.0% during the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after buying an additional 2,000 shares during the last quarter. HBK Sorce Advisory LLC purchased a new stake in Enovix during the 1st quarter worth about $74,000. Smith Salley Wealth Management purchased a new stake in Enovix during the 1st quarter worth about $75,000. Finally, AMG National Trust Bank purchased a new stake in Enovix during the 1st quarter worth about $75,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

(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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