Enovix (NASDAQ:ENVX - Free Report) had its price objective lowered by Craig Hallum from $20.00 to $18.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other research analysts have also recently issued reports on ENVX. Janney Montgomery Scott cut Enovix from a "buy" rating to a "neutral" rating and set a $10.00 target price on the stock. in a research report on Thursday, October 31st. Benchmark restated a "buy" rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Two investment 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 stock. Based on data from MarketBeat, Enovix presently has an average rating of "Moderate Buy" and an average price target of $20.30.
Read Our Latest Research Report on Enovix
Enovix Stock Down 8.4 %
Shares of ENVX stock traded down $0.90 on Thursday, reaching $9.82. 6,789,151 shares of the company were exchanged, compared to its average volume of 7,141,517. The company has a 50-day moving average of $11.15 and a 200-day moving average of $10.29. Enovix has a one year low of $5.70 and a one year high of $18.68. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -6.77 and a beta of 1.87.
Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Analysts anticipate that Enovix will post -1.01 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Betsy S. Atkins sold 75,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was 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 directly owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 15.70% of the company's stock.
Institutional Investors Weigh In On Enovix
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC lifted its stake in Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock worth $61,510,000 after purchasing an additional 29,109 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after purchasing an additional 235,142 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Enovix by 1.5% during the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after buying an additional 28,591 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after buying an additional 1,250,300 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.
Enovix Company Profile
(
Get Free Report)
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.
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