Enovix (NASDAQ:ENVX) Shares Down 6% After Insider Selling

Enovix Co. (NASDAQ:ENVX) shares fell 6% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $11.94 and last traded at $12.04. 1,622,870 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 5,447,948 shares. The stock had previously closed at $12.81.

Specifically, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Benchmark started coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. TD Cowen upped their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix presently has an average rating of “Buy” and a consensus target price of $21.33.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -8.70 and a beta of 1.98. The firm’s fifty day moving average is $9.98 and its 200 day moving average is $10.82.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Driehaus Capital Management LLC raised its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. raised its position in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares in the last quarter. Old West Investment Management LLC raised its position in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after acquiring an additional 269,371 shares in the last quarter. Finally, Refined Wealth Management raised its position in Enovix by 42.5% during the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock valued at $3,675,000 after acquiring an additional 136,758 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures 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.