Enovix (NASDAQ:ENVX) Sets New 52-Week Low After Analyst Downgrade

Enovix Co. (NASDAQ:ENVX)’s share price hit a new 52-week low during mid-day trading on Wednesday after B. Riley lowered their price target on the stock from $17.00 to $12.00. B. Riley currently has a buy rating on the stock. Enovix traded as low as $6.31 and last traded at $6.70, with a volume of 4778068 shares traded. The stock had previously closed at $6.77.

Several other research analysts have also recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $15.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Craig Hallum reduced their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, Benchmark lowered their price target on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average target price of $18.40.

Insider Activity at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the company. tru Independence LLC grew its position in Enovix by 3.3% in the first quarter. tru Independence LLC now owns 294,535 shares of the company’s stock worth $2,162,000 after acquiring an additional 9,325 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Enovix by 54.2% in the first quarter. Envestnet Asset Management Inc. now owns 178,578 shares of the company’s stock worth $1,311,000 after purchasing an additional 62,734 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in Enovix by 4.9% during the first quarter. Concurrent Investment Advisors LLC now owns 66,604 shares of the company’s stock worth $489,000 after buying an additional 3,123 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Enovix by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 504,179 shares of the company’s stock valued at $3,701,000 after buying an additional 2,640 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in shares of Enovix by 16.5% in the first quarter. OneDigital Investment Advisors LLC now owns 35,253 shares of the company’s stock worth $259,000 after buying an additional 5,003 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The company has a market cap of $1.28 billion, a P/E ratio of -4.62 and a beta of 1.98. The firm has a 50 day moving average price of $7.38 and a 200-day moving average price of $9.43.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. On average, research analysts predict that Enovix Co. will post -1.01 EPS for the current year.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.