Enovix (NASDAQ:ENVX) Trading Down 5.2% – Should You Sell?

Shares of Enovix Corporation (NASDAQ:ENVX) were down 5.2% on Friday . The stock traded as low as $7.82 and last traded at $7.84. Approximately 1,222,519 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 6,859,873 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

Several analysts recently commented on ENVX shares. Oppenheimer set a $24.00 target price on Enovix in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 22nd. Northland Securities set a $16.00 price objective on shares of Enovix in a research report on Monday, November 17th. Cantor Fitzgerald lowered their target price on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Wall Street Zen cut shares of Enovix from a “hold” rating to a “sell” rating in a research report on Saturday, September 6th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.50.

Enovix Trading Down 7.7%

The firm’s 50 day simple moving average is $9.08 and its two-hundred day simple moving average is $10.39. The stock has a market capitalization of $1.65 billion, a P/E ratio of -9.42 and a beta of 2.12. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, September 9th. The company reported ($0.13) 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 during the quarter. As a group, analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 18,614 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total transaction of $241,982.00. Following the completion of the sale, the chief operating officer owned 1,002,684 shares in the company, valued at $13,034,892. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 14.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitlin John LLC bought a new position in shares of Enovix during the third quarter valued at about $27,000. Parallel Advisors LLC increased its stake in Enovix by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after buying an additional 1,342 shares during the last quarter. Stone House Investment Management LLC lifted its position in shares of Enovix by 56.4% during the 3rd quarter. Stone House Investment Management LLC now owns 7,922 shares of the company’s stock worth $79,000 after buying an additional 2,857 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Enovix during the 3rd quarter worth approximately $80,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Enovix in the 1st quarter worth approximately $98,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

About Enovix

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.