Enovix (NASDAQ:ENVX) Price Target Cut to $18.00 by Analysts at Craig Hallum

Enovix (NASDAQ:ENVX) had its price target cut by research analysts at Craig Hallum from $20.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price objective would indicate a potential upside of 70.84% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Finally, Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Enovix Price Performance

Shares of NASDAQ ENVX traded down $0.65 during midday trading on Thursday, hitting $10.54. The stock had a trading volume of 4,956,051 shares, compared to its average volume of 6,874,656. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a 50 day simple moving average of $11.06 and a 200-day simple moving average of $10.29. The company has a market capitalization of $1.88 billion, a PE ratio of -6.60 and a beta of 1.87. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. On average, sell-side analysts expect that Enovix will post -1.16 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the company. Lpwm LLC acquired a new position in shares of Enovix in the fourth quarter worth $549,000. Oppenheimer & Co. Inc. lifted its stake in Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after acquiring an additional 93,303 shares during the last quarter. Stifel Financial Corp grew its holdings in Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after acquiring an additional 55,094 shares in the last quarter. Register Financial Advisors LLC increased its holdings in Enovix by 172.8% in the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock valued at $1,901,000 after buying an additional 110,750 shares during the last quarter. Finally, Sonora Investment Management Group LLC raised its position in shares of Enovix by 10.1% during the 4th quarter. Sonora Investment Management Group LLC now owns 275,901 shares of the company’s stock worth $2,999,000 after acquiring an additional 25,271 shares in the last quarter. Hedge funds and other 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.