Enovix Corporation (NASDAQ:ENVX) Receives Average Rating of “Hold” from Analysts

Shares of Enovix Corporation (NASDAQ:ENVX) have been assigned a consensus recommendation of “Hold” from the eleven research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $13.4583.

A number of brokerages have weighed in on ENVX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. TD Cowen reduced their target price on shares of Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a research note on Thursday, February 26th. Bank of America started coverage on shares of Enovix in a report on Thursday, March 12th. They issued a “neutral” rating and a $6.00 target price on the stock. B. Riley Financial dropped their target price on shares of Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, Oppenheimer reissued an “outperform” rating on shares of Enovix in a report on Thursday, February 26th.

Enovix Trading Down 5.0%

Shares of ENVX opened at $5.12 on Friday. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The stock has a market cap of $1.11 billion, a PE ratio of -6.65 and a beta of 2.15. Enovix has a 1 year low of $4.61 and a 1 year high of $16.49. The stock has a 50 day simple moving average of $5.99 and a 200-day simple moving average of $8.24.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Caitlin John LLC acquired a new position in shares of Enovix in the 3rd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Enovix during the 4th quarter valued at $30,000. Parallel Advisors LLC raised its position in Enovix by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after purchasing an additional 1,342 shares during the last quarter. CWM LLC raised its position in Enovix by 95.4% in the 4th quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Bowman & Co S.C. acquired a new position in Enovix in the fourth quarter worth $73,000. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.