Kristina Truong Sells 2,296 Shares of Enovix (NASDAQ:ENVX) Stock

Enovix Corporation (NASDAQ:ENVX) CAO Kristina Truong sold 2,296 shares of the company’s stock in a transaction that occurred on Thursday, January 1st. The shares were sold at an average price of $7.31, for a total transaction of $16,783.76. Following the completion of the transaction, the chief accounting officer owned 196,748 shares in the company, valued at approximately $1,438,227.88. This represents a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Enovix Trading Down 0.6%

Enovix stock opened at $8.68 on Wednesday. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. The stock has a market cap of $1.87 billion, a P/E ratio of -10.72 and a beta of 2.13. The company’s fifty day simple moving average is $8.52 and its 200-day simple moving average is $10.37.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. The firm had revenue of $7.47 million for the quarter. As a group, sell-side analysts forecast that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on ENVX. JPMorgan Chase & Co. decreased their target price on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Canaccord Genuity Group lowered their target price on shares of Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Cantor Fitzgerald decreased their price target on Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Northland Securities set a $16.00 price objective on Enovix in a research note on Monday, November 17th. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.50.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Kingstone Capital Partners Texas LLC acquired a new position in shares of Enovix during the second quarter worth approximately $13,206,000. Y Intercept Hong Kong Ltd bought a new position in Enovix during the second quarter worth $3,612,000. Bayforest Capital Ltd bought a new position in Enovix during the first quarter worth $385,000. Perennial Investment Advisors LLC raised its stake in Enovix by 50.2% during the 2nd quarter. Perennial Investment Advisors LLC now owns 366,100 shares of the company’s stock valued at $3,785,000 after purchasing an additional 122,278 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in Enovix in the 2nd quarter valued at $1,107,000. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.