Enovix Co. (NASDAQ:ENVX) Director Gregory Reichow Sells 7,500 Shares

Enovix Co. (NASDAQ:ENVX) Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Enovix Stock Performance

NASDAQ ENVX opened at $15.03 on Thursday. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $23.90. The company’s 50 day moving average is $9.97 and its two-hundred day moving average is $10.09. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The firm had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. As a group, equities research analysts expect that Enovix Co. will post -1.15 EPS for the current fiscal year.

Institutional Trading of Enovix

Several institutional investors have recently made changes to their positions in ENVX. Electron Capital Partners LLC boosted its stake in Enovix by 188.0% in the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock worth $33,871,000 after purchasing an additional 1,761,834 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 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 worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Vanguard Group Inc. grew its stake in Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after acquiring an additional 1,072,508 shares in the last quarter. Wellington Management Group LLP bought a new stake in Enovix in the 3rd quarter valued at $7,290,000. Finally, Sora Investors LLC purchased a new stake in Enovix in the 3rd quarter worth $3,765,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ENVX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. B. Riley reduced their price target on shares of Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Finally, Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.33.

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.