JPMorgan Chase & Co. Lowers Enovix (NASDAQ:ENVX) Price Target to $9.00

Enovix (NASDAQ:ENVX) had its target price lowered by JPMorgan Chase & Co. from $10.00 to $9.00 in a research note published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms also recently weighed in on ENVX. B. Riley cut their price target on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Benchmark reduced their target price on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. TD Securities reduced their price objective on shares of Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Thursday. Finally, Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.27.

Enovix Trading Up 3.4 %

Shares of ENVX opened at $6.35 on Thursday. The stock’s fifty day simple moving average is $7.24 and its 200-day simple moving average is $9.33. The firm has a market capitalization of $1.22 billion, a PE ratio of -4.38 and a beta of 1.98. Enovix has a 12-month low of $5.27 and a 12-month high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, research analysts predict that Enovix will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently bought and sold shares of ENVX. Mechanics Financial Corp acquired a new stake in shares of Enovix in the first quarter valued at approximately $147,000. DDD Partners LLC grew its position in Enovix by 5.9% in the first quarter. DDD Partners LLC now owns 31,461 shares of the company’s stock valued at $231,000 after purchasing an additional 1,764 shares in the last quarter. New York State Common Retirement Fund increased its stake in Enovix by 26.1% in the 1st quarter. New York State Common Retirement Fund now owns 51,769 shares of the company’s stock valued at $380,000 after buying an additional 10,700 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Enovix by 5.4% during the 1st quarter. Arizona State Retirement System now owns 45,810 shares of the company’s stock worth $336,000 after buying an additional 2,346 shares during the last quarter. Finally, Kathmere Capital Management LLC bought a new position in shares of Enovix in the 1st quarter valued at about $182,000. 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.