Enovix (NASDAQ:ENVX) Shares Gap Down – Should You Sell?

Enovix Co. (NASDAQ:ENVX)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $10.48, but opened at $9.47. Enovix shares last traded at $9.17, with a volume of 6,578,293 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ENVX. Oppenheimer restated an “outperform” rating and set a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Stock Performance

The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -5.61 and a beta of 1.98. The company’s 50 day simple moving average is $10.03 and its 200 day simple moving average is $11.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 96.23%. During the same quarter last year, the business earned ($0.27) earnings per share. On average, equities research analysts anticipate that Enovix Co. will post -1.2 earnings per share for the current year.

Insider Transactions at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Arizona State Retirement System grew its holdings in shares of Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the period. Voisard Asset Management Group Inc. boosted its position in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares during the period. Clear Creek Financial Management LLC increased its stake in Enovix by 3.0% in the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after buying an additional 1,434 shares during the period. Institutional investors 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.