Enovix (NASDAQ:ENVX) Reaches New 1-Year Low at $5.80

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares hit a new 52-week low on Monday . The stock traded as low as $5.80 and last traded at $5.88, with a volume of 2202809 shares trading hands. The stock had previously closed at $6.26.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of recent analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 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 five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.00.

Enovix Trading Down 4.5 %

The business has a fifty day moving average price of $8.75 and a 200 day moving average price of $10.25. The company has a market capitalization of $1.01 billion, a PE ratio of -3.91 and a beta of 1.62. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

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

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company's stock, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently modified their holdings of the company. Refined Wealth Management lifted its holdings in Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company's stock worth $3,675,000 after purchasing an additional 136,758 shares during the period. tru Independence LLC lifted its stake in shares of Enovix by 0.6% in the 1st quarter. tru Independence LLC now owns 303,435 shares of the company's stock worth $2,431,000 after acquiring an additional 1,712 shares during the period. Udine Wealth Management Inc. boosted its holdings in shares of Enovix by 1.9% in the first quarter. Udine Wealth Management Inc. now owns 137,314 shares of the company's stock valued at $1,100,000 after acquiring an additional 2,601 shares in the last quarter. Register Financial Advisors LLC increased its stake in shares of Enovix by 40.4% during the first quarter. Register Financial Advisors LLC now owns 63,900 shares of the company's stock valued at $512,000 after acquiring an additional 18,400 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its holdings in Enovix by 36.6% during the first quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company's stock worth $118,000 after purchasing an additional 3,936 shares in the last quarter. Institutional investors own 50.92% 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.