Enovix (NASDAQ:ENVX) Shares Down 5.4%

Enovix Co. (NASDAQ:ENVX - Get Free Report) shares traded down 5.4% during trading on Thursday . The company traded as low as $6.25 and last traded at $6.27. 4,365,850 shares changed hands during trading, an increase of 1% from the average session volume of 4,331,131 shares. The stock had previously closed at $6.63.

Analysts Set New Price Targets

A number of analysts have 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. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Enovix presently has an average rating of "Moderate Buy" and an average price target of $28.29.

Enovix Stock Performance

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -3.93 and a beta of 1.62. The stock's 50 day moving average is $8.87 and its 200 day moving average is $10.29. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly 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 company had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Analysts anticipate that Enovix Co. will post -1.13 earnings per share for the current year.

Insiders Place Their Bets

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 transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 17.30% of the company's stock.

Institutional Trading of Enovix

Large investors have recently made changes to their positions in the company. Macquarie Group Ltd. acquired a new stake in shares of Enovix during the 3rd quarter worth approximately $26,000. Beacon Capital Management LLC boosted 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 acquiring an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Enovix during the 3rd quarter worth approximately $31,000. Carmel Capital Partners LLC acquired a new stake in shares of Enovix during the 3rd quarter worth approximately $34,000. Finally, Able Wealth Management LLC acquired a new stake in shares of Enovix during the 4th 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.