Craig Hallum Lowers Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX) had its target price trimmed by Craig Hallum from $20.00 to $15.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

ENVX has been the topic of several other research reports. Canaccord Genuity Group reiterated a buy rating and set a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an overweight rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research note on Friday, April 26th. B. Riley cut their price target on Enovix from $18.00 to $16.00 and set a buy rating on the stock in a research note on Tuesday, April 30th. Finally, William Blair reiterated an outperform rating on shares of Enovix in a research report on Thursday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $18.33.

Enovix Trading Up 6.5 %

Shares of NASDAQ:ENVX opened at $10.09 on Thursday. 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 fifty day moving average is $7.88 and its 200-day moving average is $10.00. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90.

Enovix (NASDAQ:ENVX) last posted 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 firm 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 83.66% and a negative net margin of 1,448.90%. On average, equities analysts forecast that Enovix will post -1.13 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The shares were 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 owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Large investors have recently modified their holdings of the business. Beacon Capital Management LLC increased its stake in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Enovix during the third quarter worth $31,000. Carmel Capital Partners LLC bought a new stake in Enovix in the 3rd quarter valued at $34,000. Able Wealth Management LLC acquired a new position in Enovix in the 4th quarter worth $34,000. Finally, Quest Partners LLC bought a new position in Enovix during the 4th quarter worth about $49,000. 50.92% of the stock is currently owned by 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.