Enovix (NASDAQ:ENVX) Price Target Lowered to $15.00 at Benchmark

Enovix (NASDAQ:ENVX) had its price target reduced by Benchmark from $25.00 to $15.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Craig Hallum decreased their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average target price of $19.30.

Enovix Trading Up 5.7 %

ENVX stock opened at $6.16 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -4.25 and a beta of 1.98. The business has a fifty day moving average price of $8.20 and a 200 day moving average price of $9.73. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The business had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. Analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC increased its holdings in shares of Enovix by 0.5% in the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after acquiring an additional 29,109 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares during the period. Royal Bank of Canada lifted its holdings in shares of Enovix by 1.5% during the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after purchasing an additional 28,591 shares in the last quarter. Finally, Fred Alger Management LLC grew its position in shares of Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after purchasing an additional 1,250,300 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 silicon-anode 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.