B. Riley Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target reduced by stock analysts at B. Riley from $17.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target suggests a potential upside of 79.10% from the stock’s previous close.

Several other analysts have also recently commented on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum lowered their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. JPMorgan Chase & Co. cut their target price on Enovix from $15.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, Benchmark lowered their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average price target of $18.40.

Enovix Stock Performance

Shares of ENVX stock opened at $6.70 on Tuesday. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix has a 12-month low of $5.27 and a 12-month high of $18.68. The business’s 50 day moving average is $7.38 and its two-hundred day moving average is $9.43. The company has a market capitalization of $1.28 billion, a P/E ratio of -4.62 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last announced its 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. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was 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 approximately $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Lpwm LLC acquired a new stake in Enovix during the 4th quarter worth approximately $549,000. Vanguard Group Inc. increased its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the period. Haven Private LLC purchased a new stake in shares of Enovix during the fourth quarter worth $454,000. Register Financial Advisors LLC raised its stake in shares of Enovix by 172.8% in the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock valued at $1,901,000 after acquiring an additional 110,750 shares in the last quarter. Finally, Amundi boosted its holdings in Enovix by 360.8% in the fourth quarter. Amundi now owns 235,369 shares of the company’s stock valued at $2,558,000 after purchasing an additional 184,294 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.