Enovix (NASDAQ:ENVX) Coverage Initiated by Analysts at Bank of America

Investment analysts at Bank of America began coverage on shares of Enovix (NASDAQ:ENVX) in a note issued to investors on Thursday,Benzinga reports. The brokerage set a “neutral” rating and a $6.00 price target on the stock. Bank of America‘s price target indicates a potential upside of 19.76% from the stock’s current price.

ENVX has been the topic of several other research reports. Northland Securities set a $16.00 price target on shares of Enovix in a research note on Monday, November 17th. B. Riley Financial dropped their price objective on shares of Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a report on Thursday, February 26th. JPMorgan Chase & Co. decreased their price target on Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Finally, Canaccord Genuity Group lowered their price target on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Enovix currently has a consensus rating of “Hold” and a consensus price target of $14.14.

Enovix Stock Up 1.4%

Shares of ENVX opened at $5.01 on Thursday. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -6.51 and a beta of 2.15. Enovix has a 1 year low of $4.61 and a 1 year high of $16.49. The business’s 50 day simple moving average is $6.65 and its 200-day simple moving average is $8.59.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of ENVX. Caitlin John LLC bought a new stake in shares of Enovix during the 3rd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd bought a new position in Enovix in the 4th quarter valued at $30,000. Parallel Advisors LLC increased its stake in Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after purchasing an additional 1,342 shares during the period. CWM LLC increased its stake in Enovix by 95.4% in the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock worth $44,000 after purchasing an additional 2,969 shares during the period. Finally, Bowman & Co S.C. bought a new stake in shares of Enovix during the fourth quarter worth $73,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.