Enovix (NASDAQ:ENVX) Sets New 12-Month Low at $5.80

Enovix Co. (NASDAQ:ENVX) shares hit a new 52-week low on Monday . The stock traded as low as $5.80 and last traded at $5.88, with a volume of 2202809 shares trading hands. The stock had previously closed at $6.26.

Analysts Set New Price Targets

ENVX has been the topic of several research analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Enovix Price Performance

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.94 and a beta of 1.62. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The business’s 50 day simple moving average is $8.53 and its 200-day simple moving average is $10.19.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, research analysts forecast that Enovix Co. will post -1.13 earnings per share for the current year.

Insider Activity

In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC boosted its position in Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after buying an additional 910 shares during the period. Beacon Capital Management LLC raised its holdings in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the last quarter. Amalgamated Bank raised its holdings in Enovix by 5.9% during the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock worth $261,000 after purchasing an additional 1,154 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Enovix by 10.5% during the 3rd quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock worth $179,000 after purchasing an additional 1,351 shares during the last quarter. Finally, Insight Advisors LLC PA raised its holdings in Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after purchasing an additional 1,370 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.