Enovix (NASDAQ:ENVX) Hits New 1-Year Low at $7.34

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $7.34 and last traded at $7.68, with a volume of 9352878 shares. The stock had previously closed at $9.02.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ENVX shares. William Blair started coverage on Enovix in a report on Monday, December 18th. They set an "outperform" rating on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Enovix in a report on Wednesday, February 21st. Finally, Canaccord Genuity Group restated a "buy" rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $27.00.

Enovix Stock Performance

The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The business has a 50 day simple moving average of $10.34 and a two-hundred day simple moving average of $11.36. The firm has a market cap of $1.34 billion, a PE ratio of -5.18 and a beta of 1.67.

Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The business had revenue of $7.38 million during the quarter, compared to analysts' expectations of $3.37 million. As a group, equities research analysts forecast that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enovix

Institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its holdings in Enovix by 73.9% in the third quarter. Raymond James & Associates now owns 394,396 shares of the company's stock worth $4,950,000 after acquiring an additional 167,647 shares in the last quarter. Swiss National Bank boosted its holdings in Enovix by 68.9% in the second quarter. Swiss National Bank now owns 257,700 shares of the company's stock worth $4,649,000 after acquiring an additional 105,100 shares in the last quarter. tru Independence LLC acquired a new stake in Enovix in the third quarter worth about $3,745,000. Janney Montgomery Scott LLC acquired a new stake in Enovix in the third quarter worth about $1,167,000. Finally, CenterBook Partners LP boosted its holdings in Enovix by 70.9% in the third quarter. CenterBook Partners LP now owns 351,730 shares of the company's stock worth $4,414,000 after acquiring an additional 145,883 shares in the last quarter. Institutional investors own 49.68% of the company's stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures 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.