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

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

Wall Street Analyst Weigh In

A number of research firms recently commented on ENVX. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Craig Hallum reduced their price objective on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. 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 research note on Thursday, May 1st. TD Securities lowered their price target on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Finally, B. Riley reduced their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Enovix currently has an average rating of "Moderate Buy" and a consensus target price of $17.27.

Enovix Price Performance

The business's 50-day moving average price is $7.36 and its 200 day moving average price is $8.90. The company has a market capitalization of $1.59 billion, a P/E ratio of -6.46 and a beta of 2.00. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ENVX. Hodges Capital Management Inc. raised its position in shares of Enovix by 52.2% in the first 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 increased its stake in Enovix by 7.1% in the 1st quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock worth $1,723,000 after acquiring an additional 15,615 shares during the last quarter. Integrity Alliance LLC. purchased a new stake in shares of Enovix in the 1st quarter valued at about $98,000. Bayforest Capital Ltd bought a new stake in shares of Enovix during the 1st quarter valued at about $385,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Enovix by 18.4% during 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 valued at $2,628,000 after acquiring an additional 55,676 shares during the last quarter. 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.

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