Enovix (NASDAQ:ENVX) Price Target Cut to $15.00

Enovix (NASDAQ:ENVX) had its price target cut by JPMorgan Chase & Co. from $18.00 to $15.00 in a research note released on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently issued reports on ENVX. Craig Hallum increased their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark assumed coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Enovix presently has an average rating of “Buy” and a consensus target price of $21.67.

Enovix Trading Down 4.3 %

NASDAQ ENVX opened at $10.41 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The stock has a market cap of $1.84 billion, a P/E ratio of -6.51 and a beta of 1.98. The stock has a 50 day simple moving average of $10.05 and a two-hundred day simple moving average of $10.97.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, analysts forecast that Enovix will post -1.21 earnings per share for the current year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the last quarter. Beacon Capital Management LLC lifted its stake in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix during the 2nd quarter valued at about $39,000. Finally, Voisard Asset Management Group Inc. grew its stake in shares of Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares during the period. 50.92% of the stock is 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.