Enovix (NASDAQ:ENVX) Stock Price Down 4.6%

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s share price traded down 4.6% during trading on Monday . The stock traded as low as $7.46 and last traded at $7.48. 667,255 shares traded hands during trading, a decline of 85% from the average session volume of 4,418,548 shares. The stock had previously closed at $7.84.

Analysts Set New Price Targets

A number of brokerages have issued reports on ENVX. William Blair began coverage on Enovix in a report on Monday, December 18th. They issued an "outperform" rating for the company. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $27.00.

Enovix Price Performance

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -4.88 and a beta of 1.67. The stock's 50-day moving average price is $10.17 and its 200 day moving average price is $11.25. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (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 company had revenue of $7.38 million during the quarter, compared to analysts' expectations of $3.37 million. Equities research analysts expect that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Institutional Trading of Enovix

Institutional investors have recently made changes to their positions in the company. Driehaus Capital Management LLC purchased a new stake in Enovix in the second quarter valued at approximately $39,932,000. Electron Capital Partners LLC lifted its stake in Enovix by 188.0% during the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company's stock worth $33,871,000 after acquiring an additional 1,761,834 shares in the last quarter. BlackRock Inc. boosted its holdings in Enovix by 24.7% during the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company's stock valued at $155,788,000 after acquiring an additional 1,713,057 shares during the period. State Street Corp grew its position in Enovix by 392.4% in the 2nd quarter. State Street Corp now owns 1,935,508 shares of the company's stock valued at $17,245,000 after acquiring an additional 1,542,457 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company's stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the period. Hedge funds and other institutional investors own 49.68% of the company's stock.

About Enovix

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.