Enovix (NASDAQ:ENVX) PT Lowered to $15.00

Enovix (NASDAQ:ENVX) had its price target decreased by analysts at Craig Hallum from $20.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price objective would indicate a potential upside of 48.66% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ENVX. William Blair reiterated an “outperform” rating on shares of Enovix in a report on Thursday. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. B. Riley lowered their price target on Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Enovix Stock Performance

Shares of ENVX stock traded up $0.62 during mid-day trading on Thursday, reaching $10.09. The stock had a trading volume of 11,963,656 shares, compared to its average volume of 5,634,649. The firm has a market cap of $1.71 billion, a PE ratio of -7.53 and a beta of 1.70. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The firm’s 50 day simple moving average is $7.88 and its 200 day simple moving average is $10.01. Enovix has a one year low of $5.70 and a one year high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. The firm had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. On average, analysts forecast that Enovix will post -1.13 EPS for the current year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in Enovix in the third quarter worth $31,000. Beacon Capital Management LLC grew its holdings in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the period. Carmel Capital Partners LLC purchased a new position in Enovix during the third quarter valued at $34,000. Able Wealth Management LLC bought a new position in shares of Enovix during the fourth quarter valued at approximately $34,000. Finally, Quest Partners LLC bought a new position in shares of Enovix during the fourth quarter valued at $49,000. Institutional investors own 50.92% of the company’s stock.

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.