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

Enovix Co. (NASDAQ:ENVX) shares hit a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $10.00 to $9.00. JPMorgan Chase & Co. currently has an overweight 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 equities analysts have also weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. B. Riley reduced their price objective on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Craig Hallum reduced their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. TD Securities lowered their price target on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Thursday. Finally, Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.27.

Insiders Place Their Bets

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the sale, the chief executive officer now 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Trading of Enovix

A number of large investors have recently bought and sold shares of ENVX. Vanguard Group Inc. grew its holdings in Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC raised its holdings in Enovix by 0.5% in the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after buying an additional 29,109 shares during the period. Geode Capital Management LLC lifted its stake in shares of Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares in the last quarter. Royal Bank of Canada increased its stake in Enovix by 1.5% during the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after buying an additional 28,591 shares during the period. Finally, Fred Alger Management LLC boosted its stake in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after buying an additional 1,250,300 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 8.4 %

The stock has a 50 day moving average of $7.30 and a 200 day moving average of $9.38. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -4.23 and a beta of 1.98. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its quarterly 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 company had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. As a group, analysts expect that Enovix Co. will post -1.01 earnings per share for the current fiscal 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.