Enovix (NASDAQ:ENVX) PT Lowered to $15.00

Enovix (NASDAQ:ENVX) had its target price decreased by analysts at JPMorgan Chase & Co. from $18.00 to $15.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 42.65% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Benchmark started coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Canaccord Genuity Group upped their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, TD Cowen lifted their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $21.67.

Enovix Stock Down 6.7 %

Shares of NASDAQ:ENVX opened at $10.52 on Tuesday. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The firm’s 50 day moving average price is $10.03 and its 200 day moving average price is $10.95. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -7.89 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, equities research analysts predict that Enovix will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 17.30% of the stock is owned by company insiders.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its position in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the period. Beacon Capital Management LLC boosted its stake in shares of Enovix by 71.9% in the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after buying an additional 1,798 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Enovix in the second quarter worth $39,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.