Enovix (NASDAQ:ENVX) Price Target Cut to $10.00 by Analysts at JPMorgan Chase & Co.

Enovix (NASDAQ:ENVX) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $12.00 to $10.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 18.41% from the company’s previous close.

Several other research firms have also recently weighed in on ENVX. Benchmark increased their target price on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Friday, October 31st. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a research report on Saturday, September 6th. Canaccord Genuity Group lowered their target price on Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, Oppenheimer set a $24.00 price target on Enovix in a research note on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.67.

Enovix Stock Down 4.5%

Shares of NASDAQ ENVX traded down $0.40 during mid-day trading on Wednesday, reaching $8.45. The company had a trading volume of 3,284,337 shares, compared to its average volume of 6,936,253. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. Enovix has a twelve month low of $5.27 and a twelve month high of $16.49. The stock’s 50 day moving average is $10.78 and its 200-day moving average is $10.29. The stock has a market capitalization of $1.82 billion, a PE ratio of -10.45 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%.The company had revenue of $7.47 million for the quarter. As a group, equities analysts anticipate that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in ENVX. Principal Financial Group Inc. increased its holdings in Enovix by 7.6% during the 3rd quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock worth $126,000 after purchasing an additional 895 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Enovix by 1.1% during the second quarter. Franklin Resources Inc. now owns 96,239 shares of the company’s stock worth $995,000 after buying an additional 1,093 shares in the last quarter. tru Independence LLC raised its position in Enovix by 0.4% in the 2nd quarter. tru Independence LLC now owns 295,690 shares of the company’s stock valued at $3,057,000 after buying an additional 1,155 shares during the last quarter. Intellectus Partners LLC lifted its position in shares of Enovix by 1.2% in the second quarter. Intellectus Partners LLC now owns 103,522 shares of the company’s stock worth $1,070,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Enovix by 5.7% during the second quarter. Teacher Retirement System of Texas now owns 24,606 shares of the company’s stock worth $254,000 after purchasing an additional 1,336 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.