Enovix (NASDAQ:ENVX) Price Target Cut to $16.00

Enovix (NASDAQ:ENVX) had its price target dropped by investment analysts at B. Riley from $18.00 to $16.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 145.78% from the stock’s previous close.

Other analysts have 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, April 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.14.

Enovix Stock Up 4.0 %

Shares of ENVX opened at $6.51 on Tuesday. The stock has a market capitalization of $1.10 billion, a PE ratio of -4.25 and a beta of 1.62. Enovix has a 1 year low of $5.70 and a 1 year high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company’s 50-day simple moving average is $7.96 and its 200-day simple moving average is $10.04.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. Analysts forecast that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. Electron Capital Partners LLC increased its stake in Enovix by 188.0% in the third quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock valued at $33,871,000 after purchasing an additional 1,761,834 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Vanguard Group Inc. grew its position 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 acquiring an additional 1,072,508 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Enovix during the third quarter worth approximately $7,290,000. Finally, Sora Investors LLC purchased a new position in shares of Enovix during the third quarter worth approximately $3,765,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Company Profile

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.