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FREMONT, CA—Rajendra Talluri, President and CEO of Enovix Corp (NASDAQ:ENVX), recently sold 300,000 shares of the company’s common stock. The shares were sold at a weighted-average price of $9.35, with the transactions occurring within a price range of $9.01 to $9.81. This sale, valued at approximately $2.81 million, was executed under a Rule 10b5-1 trading plan, which Talluri adopted in November 2024.
Following this transaction, Talluri retains ownership of 2,045,301 shares, including 1,713,138 shares issuable upon the settlement of restricted stock units (RSUs).
In other recent news, Enovix Corporation reported its Q3 2024 financial results, highlighting a 13% sequential increase in revenue to $4.3 million. Despite this growth, the company reported a non-GAAP EPS loss of $0.17 and a non-GAAP EBITDA loss of $21.6 million. Enovix’s strategic advancements included the opening of a new manufacturing facility in Malaysia, aimed at boosting its production capabilities. Analysts from Cantor Fitzgerald maintained an Overweight rating on the company with a $30 price target, reflecting confidence in Enovix’s market position and potential growth. The company is making strides in the smartphone battery market, with plans to begin shipping to multiple OEMs within the year. Enovix is also targeting the premium smartphone and emerging AR/VR markets, leveraging its high-energy-density batteries. Looking ahead, Enovix projects Q4 2024 revenue between $8 million and $10 million, with plans to launch its first smartphone battery by late 2025. The company’s ongoing innovations and market positioning are crucial as it prepares for future growth in various technology sectors.
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