Enovix Co. (NASDAQ:ENVX) Insider Arthi Chakravarthy Sells 35,000 Shares

by · The Cerbat Gem

Enovix Co. (NASDAQ:ENVX – Get Free Report) insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Enovix Stock Down 6.9 %

ENVX traded down $0.88 on Tuesday, hitting $11.93. 6,491,337 shares of the company were exchanged, compared to its average volume of 5,472,403. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -8.90 and a beta of 1.98. The firm has a 50-day moving average price of $9.97 and a two-hundred day moving average price of $10.82. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX – Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 1,434.34% and a negative return on equity of 91.21%. On average, equities analysts predict that Enovix Co. will post -1.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several recent analyst reports. TD Cowen upped their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Canaccord Genuity Group upped their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $21.33.

Get Our Latest Report on Enovix

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Wellington Management Group LLP grew its stake in shares of Enovix by 8.2% during the fourth quarter. Wellington Management Group LLP now owns 628,712 shares of the company’s stock worth $7,871,000 after purchasing an additional 47,853 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in shares of Enovix by 34.8% during the 1st quarter. Salem Investment Counselors Inc. now owns 155,045 shares of the company’s stock worth $1,242,000 after acquiring an additional 40,000 shares in the last quarter. Game Plan Financial Advisors LLC increased its holdings in shares of Enovix by 65.2% in the 1st quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock valued at $81,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Enovix by 36.6% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 14,694 shares of the company’s stock worth $118,000 after acquiring an additional 3,936 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

About Enovix

(Get Free Report)

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.

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