Craig Hallum Cuts Enovix (NASDAQ:ENVX) Price Target to $18.00

Enovix (NASDAQ:ENVX) had its price target lowered by Craig Hallum from $20.00 to $18.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Down 6.6 %

ENVX stock opened at $10.72 on Thursday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -7.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business’s 50 day moving average price is $11.15 and its two-hundred day moving average price is $10.30. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The business had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. As a group, analysts forecast that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC boosted 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 valued at $61,510,000 after buying an additional 29,109 shares during the last quarter. Geode Capital Management LLC grew its holdings in Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after buying an additional 235,142 shares in the last quarter. Royal Bank of Canada increased its stake in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after acquiring an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after acquiring an additional 1,250,300 shares in the last quarter. 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.