Enovix (NASDAQ:ENVX) Stock Price Down 9.4% Following Analyst Downgrade

Enovix Co. (NASDAQ:ENVX) shares were down 9.4% during mid-day trading on Thursday 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 $6.18 and last traded at $6.07. Approximately 5,170,178 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 6,205,246 shares. The stock had previously closed at $6.70.

Several other analysts have also recently weighed in on ENVX. TD Securities dropped their price target on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday. Craig Hallum decreased their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. B. Riley decreased their price target on shares of Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Finally, Benchmark cut their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Insider Buying and Selling at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 2,045,301 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. 15.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

Several hedge funds have recently modified their holdings of the business. Coppell Advisory Solutions LLC acquired a new stake in Enovix in the fourth quarter valued at $27,000. Fifth Third Bancorp lifted its stake in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the period. Sava Infond d.o.o. purchased a new stake in Enovix during the fourth quarter worth about $43,000. Hollencrest Capital Management grew its position in Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares during the period. Finally, R Squared Ltd acquired a new stake in shares of Enovix during the 4th quarter valued at approximately $64,000. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Price Performance

The firm has a market cap of $1.22 billion, a PE ratio of -4.38 and a beta of 1.98. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $7.24 and a 200 day moving average price of $9.34.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, February 19th. The company reported ($0.17) 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 for the quarter, compared to the consensus estimate of $8.77 million. On average, sell-side analysts expect 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.