Enovix (NASDAQ:ENVX) Price Target Raised to $20.00

Enovix (NASDAQ:ENVX) had its target price boosted by Canaccord Genuity Group from $17.00 to $20.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. William Blair reiterated an outperform rating on shares of Enovix in a report on Thursday, May 2nd. Benchmark initiated coverage on shares of Enovix in a report on Monday, July 22nd. They issued a buy rating and a $25.00 target price on the stock. JPMorgan Chase & Co. decreased 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. Craig Hallum decreased their target price on shares of Enovix from $20.00 to $15.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, B. Riley raised shares of Enovix to a strong-buy rating in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Enovix presently has an average rating of Buy and a consensus price target of $19.57.

Enovix Stock Performance

ENVX opened at $11.97 on Thursday. The firm has a market capitalization of $2.03 billion, a PE ratio of -8.93 and a beta of 2.04. Enovix has a twelve month low of $5.70 and a twelve month high of $19.37. The firm’s 50-day moving average price is $13.90 and its 200 day moving average price is $10.66. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The firm had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. As a group, sell-side analysts expect that Enovix will post -1.14 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the business. Wealth Effects LLC lifted its holdings in Enovix by 55.6% during the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after buying an additional 81,801 shares in the last quarter. Rhumbline Advisers lifted its holdings in Enovix by 13.7% during the 2nd quarter. Rhumbline Advisers now owns 221,966 shares of the company’s stock worth $3,432,000 after buying an additional 26,724 shares in the last quarter. Natixis Advisors LLC acquired a new stake in Enovix during the 2nd quarter worth approximately $247,000. Cutter & CO Brokerage Inc. lifted its holdings in Enovix by 6.5% during the 2nd quarter. Cutter & CO Brokerage Inc. now owns 44,268 shares of the company’s stock worth $684,000 after buying an additional 2,695 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in Enovix by 45.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock worth $1,073,000 after buying an additional 21,620 shares in the last quarter. 50.92% of the stock is currently 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.