Enovix (NASDAQ:ENVX) Downgraded to "Neutral" Rating by Janney Montgomery Scott

Enovix (NASDAQ:ENVX - Get Free Report) was downgraded by equities research analysts at Janney Montgomery Scott from a "buy" rating to a "neutral" rating in a report released on Thursday, Marketbeat reports. They presently have a $10.00 price target on the stock. Janney Montgomery Scott's target price suggests a potential upside of 11.05% from the stock's previous close.

Several other equities analysts have also recently issued reports on ENVX. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research report on Wednesday. Piper Sandler reaffirmed an "overweight" rating and issued a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. TD Cowen upped their price objective on Enovix from $11.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, August 1st. Finally, Benchmark reaffirmed a "buy" rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $20.50.

Enovix Stock Down 14.1 %

Shares of Enovix stock traded down $1.47 during midday trading on Thursday, hitting $9.01. The company had a trading volume of 29,605,543 shares, compared to its average volume of 5,623,950. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock has a market capitalization of $1.59 billion, a P/E ratio of -5.59 and a beta of 1.98. The company has a 50 day moving average of $10.06 and a 200 day moving average of $11.05. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same quarter in the prior year, the business posted ($0.27) EPS. On average, equities analysts predict that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company's stock, valued at $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 15.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ENVX. Blue Trust Inc. grew its holdings in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock worth $29,000 after purchasing an additional 957 shares during the last quarter. Beacon Capital Management LLC grew its holdings in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company's stock worth $34,000 after acquiring an additional 1,798 shares in the last quarter. GAMMA Investing LLC grew its holdings in Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company's stock worth $37,000 after acquiring an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Enovix during the 2nd quarter worth about $39,000. Finally, Voisard Asset Management Group Inc. grew its holdings in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock worth $65,000 after acquiring an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.