Benchmark Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX - Free Report) had its price target cut by Benchmark from $25.00 to $15.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

ENVX has been the topic of several other research reports. Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Two equities research 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. According to MarketBeat, Enovix currently has an average rating of "Moderate Buy" and an average target price of $19.30.

Enovix Stock Performance

Enovix stock traded up $0.33 during midday trading on Tuesday, hitting $6.16. The company's stock had a trading volume of 4,624,218 shares, compared to its average volume of 6,206,601. The company has a 50-day moving average price of $8.11 and a two-hundred day moving average price of $9.71. Enovix has a 1-year low of $5.27 and a 1-year high of $18.68. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -4.25 and a beta of 1.98. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The business had revenue of $9.72 million during the quarter, compared to analysts' expectations of $8.77 million. As a group, sell-side analysts predict that Enovix will post -1.01 earnings per share for the current year.

Insider Buying and Selling at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock worth $27,000 after buying an additional 1,000 shares during the period. Coppell Advisory Solutions LLC acquired a new stake in Enovix during the 4th quarter worth about $27,000. Sava Infond d.o.o. bought a new position in shares of Enovix in the 4th quarter worth about $43,000. Parallel Advisors LLC lifted its stake in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares during the period. Finally, Hollencrest Capital Management boosted its position in shares of Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.