Enovix (NASDAQ:ENVX) Stock Price Down 5.3% - What's Next?

Key Points

• Shares of Enovix fell 5.3% mid-day to about $9.06 on Monday, with roughly 2.97 million shares traded — about a 57% drop from average daily volume.
• Analyst coverage is mixed: the consensus rating is Hold with an average price target of $17.89, but individual targets range from around $12 up to $25 and analysts are split between Buy, Hold and Sell.
• Enovix remains unprofitable (latest quarterly EPS -$0.13, deeply negative margins) with a market cap near $2.0 billion, and the COO disclosed the sale of 120,000 shares in October, trimming insider ownership.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were down 5.3% during mid-day trading on Monday . The company traded as low as $9.01 and last traded at $9.0550. Approximately 2,971,068 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 6,929,317 shares. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

ENVX has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Benchmark increased their price target on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Oppenheimer set a $24.00 price objective on shares of Enovix in a research report on Thursday. Weiss Ratings restated a "sell (d-)" rating on shares of Enovix in a research report on Friday, October 31st. Finally, Wall Street Zen downgraded Enovix from a "hold" rating to a "sell" rating in a research note on Saturday, September 6th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Enovix has a consensus rating of "Hold" and an average price target of $17.89.

Enovix Price Performance

The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The firm's fifty day simple moving average is $10.80 and its 200 day simple moving average is $10.25. The firm has a market cap of $2.00 billion, a P/E ratio of -11.41 and a beta of 2.09.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The business had revenue of $7.47 million during the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%. As a group, analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current year.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the sale, the chief operating officer directly owned 1,027,259 shares in the company, valued at approximately $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently bought and sold shares of the business. Kingstone Capital Partners Texas LLC bought a new stake in Enovix during the 2nd quarter valued at about $13,206,000. Electron Capital Partners LLC raised its stake in shares of Enovix by 18.6% during the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. CenterBook Partners LP boosted its holdings in shares of Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after purchasing an additional 721,309 shares during the period. Goldman Sachs Group Inc. grew 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 worth $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Enovix during the 1st quarter worth $3,030,000. Institutional investors 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.

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