Enovix (NASDAQ:ENVX) Stock Price Down 0.7%

Enovix Co. (NASDAQ:ENVX) shares fell 0.7% during mid-day trading on Monday . The company traded as low as $14.44 and last traded at $14.54. 1,191,924 shares were traded during mid-day trading, a decline of 78% from the average session volume of 5,321,630 shares. The stock had previously closed at $14.64.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Enovix in a research note on Thursday, June 27th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Craig Hallum reduced their price objective 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. Finally, JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $19.17.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The stock’s 50 day moving average price is $13.76 and its 200 day moving average price is $10.61.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The firm had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Equities research analysts forecast that Enovix Co. will post -1.14 earnings per share for the current year.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 17.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of Enovix by 102.1% during the second 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. Able Wealth Management LLC bought a new position in Enovix in the fourth quarter worth approximately $34,000. Beacon Capital Management LLC grew its stake in Enovix by 71.9% in the first 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. GAMMA Investing LLC increased its holdings in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Enovix during the fourth quarter worth approximately $49,000. 50.92% of the stock is 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.