Insider Selling: Enovix Co. (NASDAQ:ENVX) CEO Sells 300,000 Shares of Stock

Enovix Co. (NASDAQ:ENVX) CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Enovix Stock Performance

ENVX opened at $8.92 on Friday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -6.15 and a beta of 1.87. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The firm’s fifty day simple moving average is $11.22 and its two-hundred day simple moving average is $10.25.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Equities analysts anticipate that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on ENVX shares. 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. Craig Hallum dropped 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. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of ENVX. Private Advisor Group LLC lifted its stake in shares of Enovix by 23.6% in the third quarter. Private Advisor Group LLC now owns 99,900 shares of the company’s stock worth $933,000 after buying an additional 19,056 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Enovix by 34.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 20,077 shares of the company’s stock worth $188,000 after buying an additional 5,162 shares in the last quarter. Voisard Asset Management Group Inc. lifted its stake in shares of Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares in the last quarter. Gladstone Institutional Advisory LLC lifted its stake in shares of Enovix by 1.9% in the third quarter. Gladstone Institutional Advisory LLC now owns 189,115 shares of the company’s stock worth $1,766,000 after buying an additional 3,525 shares in the last quarter. Finally, Clear Creek Financial Management LLC lifted its stake in shares of Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after buying an additional 1,400 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

About Enovix

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.