Insider Selling: Enovix Co. (NASDAQ:ENVX) COO Sells $36,213.74 in Stock

Enovix Co. (NASDAQ:ENVX) COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Enovix Price Performance

Shares of Enovix stock opened at $6.01 on Friday. Enovix Co. has a 52 week low of $5.86 and a 52 week high of $23.90. 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 company has a 50 day moving average price of $8.87 and a 200 day moving average price of $10.29.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results 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 company had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. As a group, equities research analysts predict that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on ENVX shares. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note 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 analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

Institutional Trading of Enovix

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the period. Raymond James & Associates increased its stake in shares of Enovix by 73.9% in the third quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock worth $4,950,000 after acquiring an additional 167,647 shares during the period. Udine Wealth Management Inc. purchased a new position in shares of Enovix during the fourth quarter worth $1,687,000. tru Independence LLC acquired a new position in Enovix during the third quarter valued at $3,745,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Enovix in the third quarter valued at $1,167,000. Hedge funds and other institutional investors 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.