Enovix’s (ENVX) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research report sent to investors on Monday, Benzinga reports. Piper Sandler currently has a $19.00 target price on the stock, down from their previous target price of $23.00.

A number of other research analysts have also recently weighed in on ENVX. B. Riley raised shares of Enovix to a strong-buy rating in a report on Tuesday, June 25th. Canaccord Genuity Group lifted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a buy rating in a report on Thursday, August 1st. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $12.00 and set an overweight rating for the company in a report on Friday, April 26th. Benchmark began coverage on shares of Enovix in a report on Monday, July 22nd. They issued a buy rating and a $25.00 price objective for the company. Finally, Craig Hallum lifted their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a buy rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Enovix currently has a consensus rating of Buy and a consensus price target of $19.50.

Enovix Trading Up 2.3 %

Shares of Enovix stock opened at $10.87 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The firm has a fifty day moving average price of $13.92 and a 200 day moving average price of $10.68. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The stock has a market cap of $1.85 billion, a PE ratio of -8.11 and a beta of 2.04.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Electron Capital Partners LLC boosted its position in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in 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 purchasing an additional 1,376,253 shares during the period. Masters Capital Management LLC raised its stake in Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after purchasing an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Enovix by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after purchasing an additional 55,157 shares during the period. 50.92% of the stock is currently 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.