B. Riley Cuts Enovix (NASDAQ:ENVX) Price Target to $16.00

Enovix (NASDAQ:ENVX) had its target price reduced by B. Riley from $18.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price target would suggest a potential upside of 146.53% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $27.14.

Enovix Price Performance

ENVX opened at $6.49 on Tuesday. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company’s 50-day simple moving average is $8.07 and its two-hundred day simple moving average is $10.07. The stock has a market capitalization of $1.09 billion, a P/E ratio of -4.24 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.37 million. As a group, analysts predict that Enovix will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred 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 document filed with the SEC, which is available through the SEC website. 17.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

A number of large investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Enovix by 16.4% during the first quarter. Principal Financial Group Inc. now owns 18,645 shares of the company’s stock valued at $149,000 after buying an additional 2,633 shares during the period. PBMares Wealth Management LLC lifted its stake in shares of Enovix by 382.2% during the 1st quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock worth $1,738,000 after acquiring an additional 172,000 shares during the last quarter. Meridian Wealth Management LLC boosted its holdings in Enovix by 15.7% during the 1st quarter. Meridian Wealth Management LLC now owns 99,870 shares of the company’s stock valued at $800,000 after acquiring an additional 13,530 shares during the period. Wealth Effects LLC grew its position in Enovix by 44.7% in the 1st quarter. Wealth Effects LLC now owns 147,200 shares of the company’s stock valued at $1,179,000 after acquiring an additional 45,450 shares during the last quarter. Finally, Refined Wealth Management increased its stake in Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after purchasing an additional 136,758 shares during the period. 50.92% of the stock is owned by hedge funds and other 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.