Enovix (NASDAQ:ENVX) Stock Price Down 5.3% - What's Next?

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were down 5.3% during mid-day trading on Monday . The company traded as low as $9.01 and last traded at $9.0550. Approximately 2,971,068 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 6,929,317 shares. The stock had previously closed at $9.56.Wall Street Analysts Forecast GrowthBest Stocks Under $15? 3 Low-Priced Picks With UpsideENVX has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Benchmark increased their price target on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Oppenheimer set a $24.00 price objective on shares of Enovix in a research report on Thursday. Weiss Ratings restated a "sell (d-)" rating on shares of Enovix in a research report on Friday, October 31st. Finally, Wall Street Zen downgraded Enovix from a "hold" rating to a "sell" rating in a research note on Saturday, September 6th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Enovix has a consensus rating of "Hold" and an average price target of $17.89.Get Our Latest Research Report on ENVXEnovix Price Performance5 Hot Stocks With Summer Buybacks You Can Cash In OnThe company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The firm's fifty day simple moving average is $10.80 and its 200 day simple moving average is $10.25. The firm has a market cap of $2.00 billion, a P/E ratio of -11.41 and a beta of 2.09. Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The business had revenue of $7.47 million during the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%. As a group, analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current year. Insider Activity at EnovixEnovix Shares Hit 6-Month High; Long-Term Highs to FollowIn other news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the sale, the chief operating officer directly owned 1,027,259 shares in the company, valued at approximately $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.10% of the company's stock. Hedge Funds Weigh In On EnovixSeveral hedge funds have recently bought and sold shares of the business. Kingstone Capital Partners Texas LLC bought a new stake in Enovix during the 2nd quarter valued at about $13,206,000. Electron Capital Partners LLC raised its stake in shares of Enovix by 18.6% during the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. CenterBook Partners LP boosted its holdings in shares of Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after purchasing an additional 721,309 shares during the period. Goldman Sachs Group Inc. grew its stake in Enovix by 65.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Enovix during the 1st quarter worth $3,030,000. Institutional investors own 50.92% of the company's stock. About Enovix (Get Free Report)Enovix Corporation designs develops and manufactures silicon-anode 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. Read MoreFive stocks we like better than EnovixHow to Plot Fibonacci Price Inflection Levels Monday.com Opens Generational Opportunity With Manic Sell-OffHow Technical Indicators Can Help You Find Oversold Stocks An Earnings Win With a Stock Slump: What's Happening With D-Wave?How to Calculate Inflation Rate3 Stocks Showing Relative Strength as Markets Pull BackThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Enovix Right Now?Before you consider Enovix, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Enovix wasn't on the list.While Enovix currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here