Enovix (NASDAQ:ENVX) Shares Down 3.2% - Should You Sell?

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were down 3.2% during mid-day trading on Friday . The company traded as low as $8.11 and last traded at $8.23. Approximately 1,382,301 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 5,877,366 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. decreased their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Benchmark cut their target price on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. B. Riley reduced their price target on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, TD Securities dropped their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Stock Performance

The business's fifty day moving average price is $7.41 and its two-hundred day moving average price is $8.88. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The stock has a market capitalization of $1.56 billion, a P/E ratio of -6.29 and a beta of 2.00.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its holdings in shares of Enovix by 6.8% in the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock worth $214,000 after acquiring an additional 1,257 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Enovix by 6.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after buying an additional 1,336 shares during the last quarter. Nwam LLC raised its holdings in shares of Enovix by 14.0% in the fourth quarter. Nwam LLC now owns 11,907 shares of the company's stock worth $129,000 after buying an additional 1,458 shares during the period. Xponance Inc. lifted its stake in shares of Enovix by 17.3% during the 4th quarter. Xponance Inc. now owns 11,810 shares of the company's stock worth $128,000 after acquiring an additional 1,738 shares during the last quarter. Finally, DDD Partners LLC boosted its holdings in Enovix by 5.9% during the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after acquiring an additional 1,764 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.