JPMorgan Chase & Co. Lowers Enovix (NASDAQ:ENVX) Price Target to $12.00

Enovix (NASDAQ:ENVX) had its price objective dropped by JPMorgan Chase & Co. from $18.00 to $12.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 85.76% from the company’s current price.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $6.46 on Friday. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90. The company’s 50-day moving average price is $8.18 and its 200 day moving average price is $10.10. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for 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, sell-side analysts expect that Enovix will post -1.13 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. lifted its position in shares of Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Enovix by 73.9% in the third quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock valued at $4,950,000 after purchasing an additional 167,647 shares in the last quarter. Udine Wealth Management Inc. purchased a new stake in shares of Enovix during the fourth quarter valued at approximately $1,687,000. tru Independence LLC purchased a new stake in shares of Enovix during the third quarter valued at approximately $3,745,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Enovix during the third quarter valued at approximately $1,167,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.