Enovix (NASDAQ:ENVX) Stock Price Down 7.5% – Should You Sell?

Enovix Co. (NASDAQ:ENVX)’s share price dropped 7.5% on Tuesday . The company traded as low as $10.92 and last traded at $10.91. Approximately 3,441,713 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 6,880,646 shares. The stock had previously closed at $11.79.

Wall Street Analysts Forecast Growth

ENVX has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Enovix has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

The firm has a fifty day moving average of $10.86 and a 200 day moving average of $10.39. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -6.56 and a beta of 1.87. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC acquired a new position in shares of Enovix in the 3rd quarter valued at $27,000. Fifth Third Bancorp raised its stake in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares during the period. Hollencrest Capital Management lifted its holdings in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in Enovix in the 4th quarter valued at approximately $64,000. Finally, Voisard Asset Management Group Inc. raised its position in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.