A company insider recently sold 10,000 shares of Enovix Corporation [ENVX]. Should You Sale?

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Enovix Corporation shares valued at $250,000 were sold by Lahiri Ashok on Sep 15. At $25.00 per share, Lahiri Ashok sold 10,000 shares. The insider’s holdings dropped to 1,373,993 shares worth approximately $30.06 million following the completion of this transaction.

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Also, RUST HARROLD J sold 3,000 shares, netting a total of over 73,500 in proceeds. Following the sale of shares at $24.50 each, the insider now holds 1,372,031 shares.

Before that, RUST HARROLD J had sold 4,500 shares from its account. In a trade valued at $92,070, the President and CEO traded Enovix Corporation shares for $20.46 each. Upon closing the transaction, the insider’s holdings decreased to 4,500 shares, worth approximately $30.09 million.

Analysts at Loop Capital resumed the stock at ‘”a Buy”‘ outlook in a report released in late August. As of August 09, 2022, Loop Capital has initiated its “Buy” rating for ENVX. Earlier on August 05, 2022, JP Morgan initiated its rating. Their recommendation was “an Overweight” for ENVX stock.

Analyzing ENVX’s Price Performance

On Wednesday, Enovix Corporation [NASDAQ: ENVX] plunged -1.53% to $21.88. The stock’s lowest price that day was $21.20, but it reached a high of $23.211 in the same session. During the last five days, there has been a drop of approximately -8.07%. Over the course of the year, Enovix Corporation shares have dropped approximately -19.79%. Shares of the company reached a 52-week high of $28.17 on 01/03/22 and a 52-week low of $7.26 on 05/12/22. A 50-day SMA is recorded $17.78, while a 200-day SMA reached $15.66. Nevertheless, trading volume fell to 3.91 million shares from 4.93 million shares the previous day.

Support And Resistance Levels for Enovix Corporation (ENVX)

According to the 24-hour chart, there is a support level at 20.98, which, if violated, would cause prices to drop to 20.09. In the upper region, resistance lies at 22.99. The next price resistance is at 24.11. RSI (Relative Strength Index) is 53.72 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.89, which suggests the price will decrease in the coming days. Percent R is at 55.46%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Enovix Corporation subject to short interest?

Stocks of Enovix Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 8.22 million shares to 13.52 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.3 million shares. A jump of 60.8% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.14 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.14.

Which companies own the most shares of Enovix Corporation (ENVX)?

According to Park West Asset Management LLC filings, the company currently owns 14,724,426 shares, which is about 9.37% of the total ENVX shares outstanding. The investor’s shares have plunged by -61,686 from its previous 13-F filing of 14786112.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $218,286,973. Electron Capital Partners LLC acquire a 1.09% interest valued at $158.02 million while BlackRock Fund Advisors purchased a 4,560,002 stake. A total of -375,006 shares of Enovix Corporation were bought by Summit Partners Public Asset Mana during the quarter, and 384,440 were bought by Granahan Investment Management, L. In its current portfolio, Gilder, Gagnon, Howe & Co. LLC holds 2,845,123 shares valued at $62.93 million.


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