Enovix (NASDAQ:ENVX) Upgraded by B. Riley to Strong-Buy

B. Riley upgraded shares of Enovix (NASDAQ:ENVX) to a strong-buy rating in a research report report published on Tuesday, Zacks.com reports.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a report on Friday, April 26th. Cantor Fitzgerald restated an overweight rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. Craig Hallum cut their price objective on Enovix from $20.00 to $15.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, William Blair restated an outperform rating on shares of Enovix in a report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $18.33.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $15.03 on Tuesday. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The firm’s 50-day simple moving average is $9.97 and its 200 day simple moving average is $10.09. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The stock has a market cap of $2.56 billion, a P/E ratio of -11.22 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The firm had revenue of $5.27 million for the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. Equities analysts expect that Enovix will post -1.15 EPS for the current year.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently modified their holdings of ENVX. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 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. Vanguard Group Inc. raised its position in shares of Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Enovix during the third quarter worth about $7,290,000. Electron Capital Partners LLC raised its position in Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after buying an additional 540,399 shares during the last quarter. Finally, Stifel Financial Corp raised its position in Enovix by 87.3% in the 3rd quarter. Stifel Financial Corp now owns 624,600 shares of the company’s stock valued at $7,839,000 after buying an additional 291,054 shares during the last quarter. Institutional investors and hedge funds 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.