Enovix (NASDAQ:ENVX) Stock Price Down 5%

Enovix Co. (NASDAQ:ENVX - Get Free Report) was down 5% during trading on Thursday . The company traded as low as $10.03 and last traded at $10.05. Approximately 1,061,304 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 4,950,697 shares. The stock had previously closed at $10.58.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ENVX shares. Craig Hallum decreased their price target on shares of Enovix from $20.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an "overweight" rating for the company in a report on Friday, April 26th. William Blair reaffirmed an "outperform" rating on shares of Enovix in a research note on Thursday, May 2nd. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.33.

Enovix Stock Performance

The stock has a market cap of $1.63 billion, a P/E ratio of -7.17 and a beta of 1.70. The stock has a fifty day simple moving average of $7.96 and a 200-day simple moving average of $9.99. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The firm had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Equities analysts expect that Enovix Co. will post -1.15 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix 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 transaction, 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 legal filing with the SEC, which is accessible through this link. 17.30% of the stock is owned by insiders.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new stake in shares of Enovix in the 1st quarter valued at approximately $88,000. Beacon Capital Management LLC grew its position in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company's stock valued at $34,000 after acquiring an additional 1,798 shares during the period. Adalta Capital Management LLC increased its stake in shares of Enovix by 18.1% during the 1st quarter. Adalta Capital Management LLC now owns 54,231 shares of the company's stock worth $434,000 after purchasing an additional 8,320 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Enovix in the 1st quarter valued at about $85,000. Finally, Avenir Corp lifted its stake in Enovix by 12.2% in the 1st quarter. Avenir Corp now owns 28,730 shares of the company's stock valued at $230,000 after purchasing an additional 3,135 shares during the last quarter. Institutional investors own 50.92% 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.