Enovix Co. (NASDAQ:ENVX) Insider Sells $455,000.00 in Stock

Enovix Co. (NASDAQ:ENVX) insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Enovix Trading Up 3.1 %

NASDAQ:ENVX opened at $11.43 on Friday. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock’s 50-day simple moving average is $9.97 and its 200 day simple moving average is $10.83.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, analysts forecast that Enovix Co. will post -1.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ENVX. TD Cowen boosted their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Craig Hallum increased their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and set a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Finally, B. Riley raised Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $21.33.

Institutional Trading of Enovix

A number of large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its holdings in shares of Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after purchasing an additional 905 shares during the period. Blue Trust Inc. raised its stake in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares during the period. Voisard Asset Management Group Inc. raised its stake in Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after buying an additional 1,000 shares during the period. Principal Financial Group Inc. lifted its position in shares of Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after buying an additional 1,434 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC boosted its stake in shares of Enovix by 9.7% during the 2nd quarter. Kohmann Bosshard Financial Services LLC now owns 17,000 shares of the company’s stock worth $263,000 after acquiring an additional 1,500 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.