Ajay Marathe Sells 4,954 Shares of Enovix Co. (NASDAQ:ENVX) Stock

Enovix Co. (NASDAQ:ENVX - Get Free Report) 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 transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares of the company's stock, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Enovix Stock Up 2.8 %

Shares of ENVX stock traded up $0.19 during mid-day trading on Tuesday, reaching $6.89. 8,202,595 shares of the company were exchanged, compared to its average volume of 4,335,197. Enovix Co. has a fifty-two week low of $6.64 and a fifty-two week high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company has a market capitalization of $1.16 billion, a P/E ratio of -4.50 and a beta of 1.62. The business's 50 day simple moving average is $9.02 and its 200 day simple moving average is $10.35.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. 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 reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Finally, William Blair started coverage on shares of Enovix in a research report on Monday, December 18th. They set an "outperform" rating for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Hedge Funds Weigh In On Enovix

Hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. acquired a new position in Enovix in the third quarter worth $26,000. Quantbot Technologies LP bought a new position in Enovix in the 2nd quarter valued at about $26,000. Allspring Global Investments Holdings LLC acquired a new position in Enovix during the 3rd quarter valued at about $31,000. Beacon Capital Management LLC raised its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company's stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Finally, Carmel Capital Partners LLC acquired a new stake in shares of Enovix in the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds 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.