Enovix (NASDAQ:ENVX) Receives New Coverage from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Enovix (NASDAQ:ENVXGet Rating) in a report issued on Friday morning, The Fly reports. The firm issued an overweight rating and a $20.00 price objective on the stock.

ENVX has been the topic of several other reports. Cowen cut their price target on Enovix from $24.00 to $20.00 and set an outperform rating on the stock in a research report on Friday, June 24th. Cowen reduced their price target on Enovix from $24.00 to $20.00 and set an outperform rating for the company in a research report on Friday, June 24th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Enovix has a consensus rating of Buy and an average target price of $28.00.

Enovix Trading Up 3.8 %

NASDAQ:ENVX opened at $14.41 on Friday. The company has a market cap of $2.26 billion, a PE ratio of -13.72 and a beta of 2.73. Enovix has a twelve month low of $7.26 and a twelve month high of $39.48. The company’s 50 day moving average is $11.09 and its two-hundred day moving average is $12.34.

Enovix (NASDAQ:ENVXGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.03). As a group, analysts expect that Enovix will post -0.82 EPS for the current fiscal year.

Insider Activity

In related news, Director Thurman J. Rodgers acquired 100,000 shares of Enovix stock in a transaction on Monday, May 23rd. The stock was bought at an average cost of $9.00 per share, for a total transaction of $900,000.00. Following the completion of the transaction, the director now owns 400,000 shares of the company’s stock, valued at approximately $3,600,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Gardner Cameron Dales sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $14.00, for a total value of $700,000.00. Following the transaction, the insider now directly owns 999,565 shares of the company’s stock, valued at $13,993,910. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thurman J. Rodgers acquired 100,000 shares of the business’s stock in a transaction on Monday, May 23rd. The stock was acquired at an average price of $9.00 per share, with a total value of $900,000.00. Following the acquisition, the director now owns 400,000 shares in the company, valued at approximately $3,600,000. The disclosure for this purchase can be found here. Insiders sold 57,000 shares of company stock worth $790,980 over the last three months.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently bought and sold shares of ENVX. Polar Asset Management Partners Inc. lifted its holdings in shares of Enovix by 507.3% in the 1st quarter. Polar Asset Management Partners Inc. now owns 852,100 shares of the company’s stock worth $12,159,000 after acquiring an additional 711,800 shares during the last quarter. Handelsbanken Fonder AB acquired a new position in Enovix during the second quarter worth $5,089,000. Frontier Capital Management Co. LLC purchased a new position in shares of Enovix during the first quarter worth $6,680,000. Invesco Ltd. grew its stake in shares of Enovix by 52.2% in the first quarter. Invesco Ltd. now owns 1,219,353 shares of the company’s stock valued at $17,400,000 after buying an additional 418,325 shares in the last quarter. Finally, PBMares Wealth Management LLC purchased a new stake in shares of Enovix in the 2nd quarter valued at $1,871,000. 56.82% of the stock is owned by hedge funds and other institutional investors.

About Enovix

(Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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Analyst Recommendations for Enovix (NASDAQ:ENVX)

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