Enovix (NASDAQ:ENVX) Price Target Lowered to $12.00 at JPMorgan Chase & Co.

Enovix (NASDAQ:ENVX) had its price target lowered by JPMorgan Chase & Co. from $18.00 to $12.00 in a research note issued to investors on Friday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms have also weighed in on ENVX. Cantor Fitzgerald reiterated an overweight rating and set a $30.00 target price on shares of Enovix in a report on Thursday. Canaccord Genuity Group restated a buy rating and issued a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Enovix presently has an average rating of Moderate Buy and an average price target of $27.43.

Enovix Stock Performance

NASDAQ ENVX opened at $6.46 on Friday. The company has a 50-day simple moving average of $8.18 and a two-hundred day simple moving average of $10.11. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -4.22 and a beta of 1.62. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, equities analysts forecast that Enovix will post -1.13 EPS for the current year.

Insider Activity

In related news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Allspring Global Investments Holdings LLC bought a new stake in Enovix in the 3rd quarter worth about $31,000. Beacon Capital Management LLC grew its position in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Carmel Capital Partners LLC bought a new position in shares of Enovix during the 3rd quarter valued at $34,000. Able Wealth Management LLC purchased a new position in shares of Enovix in the 4th quarter worth $34,000. Finally, Quest Partners LLC bought a new position in Enovix in the fourth quarter valued at about $49,000. 50.92% of the stock is owned by institutional investors.

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.