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

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the eleven brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $20.50.

A number of brokerages recently commented on ENVX. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research report on Tuesday, October 22nd. Benchmark restated a "buy" rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott cut shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th.

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company's stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Betsy S. Atkins sold 75,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Driehaus Capital Management LLC lifted its holdings in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the last quarter. Fred Alger Management LLC grew its holdings in shares of Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company's stock worth $5,498,000 after purchasing an additional 565,698 shares in the last quarter. Old West Investment Management LLC lifted its position in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company's stock valued at $12,915,000 after purchasing an additional 269,371 shares during the last quarter. Sora Investors LLC grew its stake in Enovix by 75.0% in the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company's stock worth $4,904,000 after buying an additional 225,000 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company's stock worth $2,353,000 after buying an additional 199,166 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Trading Down 1.2 %

ENVX stock traded down $0.14 during trading on Friday, hitting $11.28. The company had a trading volume of 5,030,684 shares, compared to its average volume of 5,625,731. The business has a 50-day moving average of $9.57 and a 200-day moving average of $11.18. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix has a one year low of $5.70 and a one year high of $18.68. The stock has a market cap of $2.01 billion, a PE ratio of -7.01 and a beta of 1.94.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) 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 the consensus estimate 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 last year, the firm posted ($0.27) EPS. Research analysts predict that Enovix will post -1.17 earnings per share for the current fiscal year.

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.