Enovix Corporation (NASDAQ:ENVX) Receives Consensus Recommendation of “Hold” from Analysts

Enovix Corporation (NASDAQ:ENVX) has earned an average rating of “Hold” from the nine analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $17.50.

Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. Northland Securities set a $16.00 price objective on shares of Enovix in a research note on Monday, November 17th. Canaccord Genuity Group decreased their target price on shares of Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. dropped their price target on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Oppenheimer set a $24.00 price objective on Enovix in a research note on Thursday, November 6th.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Enovix by 10.9% in the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after purchasing an additional 1,747,145 shares during the period. Electron Capital Partners LLC grew its position in shares of Enovix by 13.8% during the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after buying an additional 972,103 shares in the last quarter. Geode Capital Management LLC increased its position in Enovix by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company’s stock valued at $32,268,000 after purchasing an additional 253,906 shares during the period. CenterBook Partners LP raised its stake in Enovix by 66.1% in the fourth quarter. CenterBook Partners LP now owns 1,757,382 shares of the company’s stock worth $12,846,000 after buying an additional 699,519 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its stake in shares of Enovix by 17.5% during the 3rd quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company’s stock worth $17,444,000 after purchasing an additional 260,085 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

Enovix stock traded down $0.13 during midday trading on Thursday, reaching $6.01. 1,294,805 shares of the stock traded hands, compared to its average volume of 6,694,247. The stock has a market cap of $1.30 billion, a P/E ratio of -7.41 and a beta of 2.13. The stock’s fifty day moving average is $7.70 and its 200-day moving average is $9.39. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. Enovix has a 12 month low of $5.27 and a 12 month high of $16.49.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.