Analysts Set Enovix Corporation (NASDAQ:ENVX) Price Target at $17.00

Shares of Enovix Corporation (NASDAQ:ENVX) have received an average rating of “Hold” from the ten analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $17.8750.

Several equities research analysts have recently commented on ENVX shares. Cowen restated a “hold” rating on shares of Enovix in a research note on Tuesday, July 8th. Benchmark upped their price target on Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. restated a “neutral” rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Canaccord Genuity Group increased their price objective on Enovix from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Finally, Wall Street Zen cut Enovix from a “hold” rating to a “sell” rating in a research report on Saturday, September 6th.

Enovix Price Performance

Enovix stock opened at $12.21 on Tuesday. Enovix has a 12 month low of $5.27 and a 12 month high of $16.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The business has a 50 day simple moving average of $10.79 and a 200-day simple moving average of $10.14. The stock has a market capitalization of $2.40 billion, a PE ratio of -14.54 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The company had revenue of $7.47 million for the quarter. Equities analysts predict that Enovix will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the transaction, the chief operating officer owned 1,027,259 shares in the company, valued at approximately $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ENVX. Electron Capital Partners LLC increased its position in shares of Enovix by 5.3% in the second quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock valued at $73,065,000 after buying an additional 353,530 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Enovix by 1.4% during the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock valued at $41,122,000 after acquiring an additional 55,506 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after acquiring an additional 41,559 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of Enovix by 21.5% during the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock valued at $16,393,000 after acquiring an additional 394,532 shares during the last quarter. Finally, CenterBook Partners LP boosted its stake in shares of Enovix by 71.0% during the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after acquiring an additional 721,309 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.