Enovix (NASDAQ:ENVX) Price Target Raised to $20.00

Enovix (NASDAQ:ENVX) had its price objective raised by investment analysts at Craig Hallum from $15.00 to $20.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price target points to a potential upside of 64.20% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Canaccord Genuity Group raised their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Finally, B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and a consensus price target of $20.50.

Enovix Stock Down 15.5 %

Shares of NASDAQ:ENVX traded down $2.23 during trading on Thursday, hitting $12.18. The stock had a trading volume of 9,013,593 shares, compared to its average volume of 5,378,781. Enovix has a 12 month low of $5.70 and a 12 month high of $20.87. The company has a market capitalization of $2.07 billion, a PE ratio of -9.09 and a beta of 2.04. The firm’s fifty day moving average is $13.84 and its 200 day moving average is $10.64. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Analysts anticipate that Enovix will post -1.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Enovix

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its position in shares of Enovix by 20.4% in the fourth quarter. SG Americas Securities LLC now owns 21,613 shares of the company’s stock worth $271,000 after buying an additional 3,660 shares in the last quarter. Raymond James & Associates boosted its position in Enovix by 7.1% during the 4th quarter. Raymond James & Associates now owns 422,563 shares of the company’s stock valued at $5,290,000 after acquiring an additional 28,167 shares in the last quarter. Arizona State Retirement System boosted its position in Enovix by 5.6% during the 4th quarter. Arizona State Retirement System now owns 38,049 shares of the company’s stock valued at $476,000 after acquiring an additional 2,023 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Enovix during the 4th quarter valued at $4,230,000. Finally, Stratos Wealth Advisors LLC bought a new stake in Enovix during the 4th quarter valued at $303,000. 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.