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

Enovix Corporation (NASDAQ:ENVX) CAO Kristina Truong sold 2,296 shares of Enovix stock in a transaction 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 sale, the chief accounting officer owned 196,748 shares in the company, valued at $1,438,227.88. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Enovix Trading Up 10.6%

Enovix stock opened at $8.73 on Tuesday. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -10.78 and a beta of 2.13. The firm has a 50-day moving average of $8.58 and a 200-day moving average of $10.36. The company has a debt-to-equity ratio of 1.74, a current ratio of 9.72 and a quick ratio of 9.47. Enovix Corporation has a one year low of $5.27 and a one year high of $16.49.

Enovix (NASDAQ:ENVX) last released its earnings results 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 company had revenue of $7.47 million during the quarter. On average, equities analysts expect that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ENVX. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Northland Securities set a $16.00 price objective on shares of Enovix in a research note on Monday, November 17th. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Cantor Fitzgerald cut 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, Canaccord Genuity Group lowered their price target on Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.50.

Institutional Trading of Enovix

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

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.