Enovix Co. (NASDAQ:ENVX) Receives $17.27 Average Target Price from Brokerages

Shares of Enovix Co. (NASDAQ:ENVX) have received an average rating of “Moderate Buy” from the eleven analysts that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $17.27.

ENVX has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their target price on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. B. Riley reduced their target price on shares of Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Craig Hallum cut their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. TD Securities decreased their price objective on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Finally, Benchmark dropped their target price on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th.

Enovix Price Performance

ENVX opened at $6.48 on Tuesday. The company has a market capitalization of $1.24 billion, a P/E ratio of -4.47 and a beta of 1.99. The company has a 50-day moving average of $7.02 and a 200-day moving average of $9.20. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix has a 1-year low of $5.27 and a 1-year high of $18.68.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Equities analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in the company. Bayforest Capital Ltd bought a new stake in Enovix in the 1st quarter worth approximately $385,000. Deuterium Capital Management LLC raised its stake in Enovix by 7.3% during the 1st quarter. Deuterium Capital Management LLC now owns 179,776 shares of the company’s stock worth $1,320,000 after acquiring an additional 12,250 shares during the period. Richards Merrill & Peterson Inc. lifted its holdings in Enovix by 12.2% during the first quarter. Richards Merrill & Peterson Inc. now owns 63,085 shares of the company’s stock valued at $463,000 after purchasing an additional 6,877 shares in the last quarter. LPL Financial LLC boosted its holdings in Enovix by 7.8% in the 1st quarter. LPL Financial LLC now owns 333,427 shares of the company’s stock worth $2,447,000 after buying an additional 24,068 shares during the period. Finally, HB Wealth Management LLC raised its stake in Enovix by 64.3% during the 1st quarter. HB Wealth Management LLC now owns 27,314 shares of the company’s stock valued at $200,000 after purchasing an additional 10,686 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.