Enovix (NASDAQ:ENVX) Stock Price Down 3.3%

Enovix Co. (NASDAQ:ENVX - Get Free Report)'s share price traded down 3.3% on Monday . The company traded as low as $7.89 and last traded at $7.95. 1,361,012 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,554,904 shares. The stock had previously closed at $8.22.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. William Blair initiated coverage on shares of Enovix in a report on Monday, December 18th. They set an "outperform" rating on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price target 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $27.00.

Enovix Price Performance

The business's 50 day moving average is $9.79 and its two-hundred day moving average is $11.04. The firm has a market capitalization of $1.32 billion, a PE ratio of -5.13 and a beta of 1.67. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

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

Institutional Investors Weigh In On Enovix

A number of large investors have recently made changes to their positions in ENVX. Credit Suisse AG boosted its stake in Enovix by 1.1% in the 2nd quarter. Credit Suisse AG now owns 55,808 shares of the company's stock worth $498,000 after purchasing an additional 603 shares during the period. Corient Private Wealth LLC raised its holdings in shares of Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company's stock worth $621,000 after acquiring an additional 910 shares in the last quarter. Beacon Capital Management LLC raised its holdings 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 acquiring an additional 1,000 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Enovix by 0.8% during the 4th quarter. Legal & General Group Plc now owns 129,527 shares of the company's stock worth $1,622,000 after acquiring an additional 1,011 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Enovix by 5.9% during the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company's stock worth $261,000 after acquiring an additional 1,154 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.