Enovix (NASDAQ:ENVX) Shares Down 9.6% Following Insider Selling

Shares of Enovix Co. (NASDAQ:ENVXGet Rating) fell 9.6% on Friday following insider selling activity. The company traded as low as $22.14 and last traded at $22.14. 63,324 shares traded hands during trading, a decline of 99% from the average session volume of 5,663,371 shares. The stock had previously closed at $24.48.

Specifically, CTO Ashok Lahiri sold 2,000 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $13.30, for a total transaction of $26,600.00. Following the transaction, the chief technology officer now directly owns 1,407,993 shares of the company’s stock, valued at approximately $18,726,306.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Enovix news, CTO Ashok Lahiri sold 2,000 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $13.30, for a total transaction of $26,600.00. Following the transaction, the chief technology officer now directly owns 1,407,993 shares of the company’s stock, valued at approximately $18,726,306.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gardner Cameron Dales sold 50,000 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $14.00, for a total transaction of $700,000.00. Following the transaction, the insider now directly owns 999,565 shares in the company, valued at $13,993,910. The disclosure for this sale can be found here. Insiders have sold a total of 87,500 shares of company stock valued at $1,466,550 over the last three months. 20.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Craig Hallum upped their target price on shares of Enovix from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 11th. Loop Capital increased their target price on shares of Enovix from $50.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Cowen increased their target price on shares of Enovix from $19.00 to $36.00 in a report on Wednesday, August 24th. JPMorgan Chase & Co. began coverage on shares of Enovix in a report on Friday, August 5th. They set an “overweight” rating and a $20.00 price objective for the company. Finally, Cowen increased their target price on Enovix from $19.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, August 24th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, Enovix has a consensus rating of “Buy” and a consensus price target of $39.38.

Enovix Price Performance

The company has a market capitalization of $3.42 billion, a P/E ratio of -21.31 and a beta of 1.96. The business has a 50-day moving average of $17.18 and a 200-day moving average of $13.51.

Enovix (NASDAQ:ENVXGet Rating) last issued its quarterly earnings results on Wednesday, August 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. During the same period in the prior year, the company earned ($0.21) earnings per share. Sell-side analysts predict that Enovix Co. will post -0.77 EPS for the current fiscal year.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Credit Suisse AG increased its stake in Enovix by 1.1% in the second quarter. Credit Suisse AG now owns 55,808 shares of the company’s stock worth $498,000 after purchasing an additional 603 shares during the period. National Bank of Canada FI increased its stake in Enovix by 20.8% in the first quarter. National Bank of Canada FI now owns 8,040 shares of the company’s stock worth $114,000 after purchasing an additional 1,385 shares during the period. Arizona State Retirement System increased its stake in Enovix by 8.0% in the second quarter. Arizona State Retirement System now owns 19,083 shares of the company’s stock worth $170,000 after purchasing an additional 1,415 shares during the period. White Pine Capital LLC increased its stake in Enovix by 5.1% in the first quarter. White Pine Capital LLC now owns 29,519 shares of the company’s stock worth $421,000 after purchasing an additional 1,435 shares during the period. Finally, Commonwealth Equity Services LLC increased its stake in Enovix by 7.7% in the second quarter. Commonwealth Equity Services LLC now owns 26,670 shares of the company’s stock worth $237,000 after purchasing an additional 1,900 shares during the period. Hedge funds and other institutional investors own 61.75% of the company’s stock.

Enovix Company Profile

(Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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