Enovix (NASDAQ:ENVX) PT Lowered to $12.00

Enovix (NASDAQ:ENVX) had its price objective dropped by analysts at JPMorgan Chase & Co. from $18.00 to $12.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 101.34% from the stock’s previous close.

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

Enovix Stock Up 2.1 %

Shares of NASDAQ:ENVX traded up $0.12 during trading on Friday, reaching $5.96. 1,080,836 shares of the stock were exchanged, compared to its average volume of 4,360,550. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90. The stock has a fifty day moving average of $8.30 and a two-hundred day moving average of $10.13. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -3.93 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The firm had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Research analysts anticipate that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC grew its stake in shares of Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after acquiring an additional 910 shares during the period. Beacon Capital Management LLC grew its stake in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the period. Amalgamated Bank lifted its holdings in Enovix by 5.9% during the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock worth $261,000 after purchasing an additional 1,154 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Enovix by 10.5% during the 3rd quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock worth $179,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Insight Advisors LLC PA lifted its holdings in Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after purchasing an additional 1,370 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

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.