JPMorgan Chase & Co. Lowers Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX - Get Free Report) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $18.00 to $15.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 33.10% from the stock's current price.

ENVX has been the topic of several other research reports. Craig Hallum raised their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. TD Cowen lifted their price target on Enovix from $11.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. B. Riley raised Enovix to a "strong-buy" rating in a research note on Tuesday, June 25th. Finally, Oppenheimer reiterated an "outperform" rating and set a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $21.67.

Enovix Stock Down 1.7 %

Shares of ENVX stock traded down $0.19 during trading on Tuesday, hitting $11.27. 2,692,153 shares of the company were exchanged, compared to its average volume of 5,458,076. 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 firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -8.41 and a beta of 1.98. The business's 50-day simple moving average is $10.01 and its 200 day simple moving average is $10.92. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $3.77 million during the quarter, compared to analysts' expectations of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, analysts forecast that Enovix will post -1.21 EPS for the current fiscal year.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business'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 completion of the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 17.30% of the company's stock.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Blue Trust Inc. boosted its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock worth $29,000 after buying an additional 957 shares during the last quarter. GAMMA Investing LLC boosted its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company's stock worth $37,000 after acquiring an additional 2,347 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the 2nd quarter valued at $39,000. 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. Finally, Voisard Asset Management Group Inc. boosted its holdings in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company's stock valued at $77,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 50.92% of the company's stock.

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.