Analysts Set Enovix Co. (NASDAQ:ENVX) Target Price at $20.50

Enovix Co. (NASDAQ:ENVX) has been given an average rating of “Moderate Buy” by the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.50.

ENVX has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th.

Enovix Stock Down 9.6 %

Shares of NASDAQ:ENVX opened at $11.14 on Tuesday. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The stock has a 50-day simple moving average of $10.36 and a 200-day simple moving average of $10.72. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a market capitalization of $1.98 billion, a P/E ratio of -6.92 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the prior year, the business earned ($0.27) earnings per share. Equities analysts forecast that Enovix will post -1.17 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new stake in Enovix during the third quarter valued at $27,000. Fifth Third Bancorp boosted its holdings in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after buying an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix during the second quarter valued at approximately $39,000. R Squared Ltd bought a new position in Enovix during the 4th quarter worth $64,000. Finally, Voisard Asset Management Group Inc. increased its position in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares during the period. 50.92% of the stock is currently owned by 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.