Enovix (NASDAQ:ENVX) Trading Down 1.1% - Should You Sell?

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) dropped 1.1% during trading on Wednesday . The company traded as low as $8.55 and last traded at $8.50. Approximately 885,671 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 5,871,529 shares. The stock had previously closed at $8.60.

Analyst Upgrades and Downgrades

ENVX has been the subject of several recent research reports. Benchmark lowered their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. TD Securities cut their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, B. Riley reduced their price target 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. Three research 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 presently has an average rating of "Moderate Buy" and an average price target of $17.27.

Enovix Price Performance

The business has a fifty day moving average price of $7.64 and a 200 day moving average price of $8.87. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -8.16 and a beta of 2.00.

Institutional Trading of Enovix

Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in Enovix by 4.1% during the fourth quarter. Rhumbline Advisers now owns 219,070 shares of the company's stock worth $2,381,000 after purchasing an additional 8,564 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Enovix by 11.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 21,594 shares of the company's stock valued at $235,000 after purchasing an additional 2,250 shares during the period. Private Advisor Group LLC raised its stake in shares of Enovix by 17.4% in the 4th quarter. Private Advisor Group LLC now owns 117,251 shares of the company's stock worth $1,275,000 after buying an additional 17,351 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Enovix in the fourth quarter valued at $1,380,000. Finally, Bank of New York Mellon Corp boosted its stake in Enovix by 6.1% during the fourth quarter. Bank of New York Mellon Corp now owns 501,539 shares of the company's stock valued at $5,452,000 after buying an additional 28,905 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.