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

Enovix (NASDAQ:ENVX) had its target price decreased by B. Riley from $18.00 to $16.00 in a research note released on Tuesday morning, Benzinga reports. B. Riley currently has a buy rating on the stock.

ENVX has been the subject of several other reports. JPMorgan Chase & Co. reduced 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. Canaccord Genuity Group restated a buy rating and issued a $17.00 price target on shares of Enovix in a research note on Wednesday, February 21st. Finally, Cantor Fitzgerald restated an overweight rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Enovix has an average rating of Moderate Buy and an average target price of $25.29.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $10.09 on Tuesday. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The stock has a 50 day moving average of $7.87 and a 200-day moving average of $10.01. The company has a market capitalization of $1.71 billion, a P/E ratio of -7.53 and a beta of 1.70.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative return on equity of 83.66% and a negative net margin of 1,448.90%. The business had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. As a group, equities research analysts predict that Enovix will post -1.13 EPS for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. SG Americas Securities LLC raised its holdings in Enovix by 106.4% in the 3rd quarter. SG Americas Securities LLC now owns 17,953 shares of the company’s stock valued at $225,000 after acquiring an additional 9,253 shares in the last quarter. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Enovix during the 3rd quarter worth $153,000. Commonwealth Equity Services LLC raised its holdings in shares of Enovix by 37.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 57,245 shares of the company’s stock worth $718,000 after buying an additional 15,532 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Enovix by 10.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 32,833 shares of the company’s stock worth $412,000 after buying an additional 3,005 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in shares of Enovix by 73.9% during the 3rd quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock worth $4,950,000 after buying an additional 167,647 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.