Enovix (NASDAQ:ENVX) Stock Price Drops 6.3% - An Overview

Enovix Co. (NASDAQ:ENVX) experienced a significant decline in its stock price, falling by 6.3% on Wednesday. The stock traded as low as $8.27 before closing at $8.19. During midday trading, around 802,011 shares changed hands, indicating a steep decline of 87% compared to the average daily volume of 5,977,669 shares. The previous day's close was $8.74.

Wall Street Analysts Predict Future Growth

Several analysts have recently shared their insights about Enovix. For example, Craig Hallum lowered its price target for the company's shares from $20.00 to $18.00, maintaining a "buy" rating in a report dated February 20th. Cantor Fitzgerald reaffirmed an "overweight" rating with a target price of $30.00. In total, two investment analysts rate the stock as a hold, eight suggest a buy, and one recommends a strong buy. Current data indicates an average rating of "Moderate Buy" with a price target of $20.30.

Company Financial Metrics and Performance

Enovix has several noteworthy financial metrics. The company's debt-to-equity ratio stands at 0.99, while the current ratio is 3.77 and the quick ratio is 3.61. Enovix holds a market capitalization of $1.58 billion, with a P/E ratio of -5.67 and a beta of 1.93. The stock's fifty-day simple moving average is $10.09, and the two-hundred-day simple moving average is $10.06. Recently, the company released quarterly earnings results that showed an EPS of ($0.17), which exceeded analysts' expectations of ($0.18). Enovix reported revenue of $9.72 million for the quarter, surpassing anticipated figures of $8.77 million. Analysts predict an EPS of -1.01 for the current fiscal year.

Insider Transactions

In other news related to Enovix, CEO Rajendra K. Talluri sold 300,000 shares on February 27th at an average price of $9.35, totaling $2,805,000. Following the sale, Talluri owns 2,045,301 shares in the company, valued at approximately $19.12 million, marking a 12.79% decrease in his holdings. Company insiders currently own 15.70% of the stock.

Institutional Investment Activity

Institutional investors have been adjusting their stakes in Enovix. For instance, Fifth Third Bancorp increased its position by 66.7% in the fourth quarter, now holding 2,500 shares valued at $27,000. Meanwhile, Coppell Advisory Solutions LLC also acquired a new stake worth about $27,000. Other investors, including Sava Infond d.o.o. and Hollencrest Capital Management, have made similar adjustments to their holdings. Overall, institutional ownership accounts for 50.92% of the company's stock.

About Enovix Corporation

Enovix Corporation specializes in designing, developing, and manufacturing silicon-anode lithium-ion batteries. The company serves various industries, including wearables, IoT, smartphones, laptops, tablets, industrial and medical sectors, and electric vehicles. Founded in 2007, Enovix is headquartered in Fremont, California.

Enovix, Stocks, Investors