Craig Hallum Lowers Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX) had its price target dropped by equities research analysts at Craig Hallum from $20.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s target price indicates a potential upside of 64.84% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. William Blair reiterated an “outperform” rating on shares of Enovix in a report on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. Finally, B. Riley dropped their price target on Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.29.

Enovix Trading Up 39.8 %

NASDAQ ENVX traded up $2.59 during trading on Thursday, hitting $9.10. The stock had a trading volume of 15,437,525 shares, compared to its average volume of 4,558,400. Enovix has a one year low of $5.70 and a one year high of $23.90. The stock has a 50 day simple moving average of $7.87 and a 200 day simple moving average of $10.01. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -5.90 and a beta of 1.70. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. Sell-side analysts predict that Enovix will post -1.13 earnings per share for the current year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Vanguard Group Inc. increased its position in shares of Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares in the last quarter. Electron Capital Partners LLC grew its stake in Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC raised its stake in Enovix by 18.2% in the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after buying an additional 200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after acquiring an additional 55,157 shares in the last quarter. 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.