Enovix (NASDAQ:ENVX) Given New $18.00 Price Target at Craig Hallum

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

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average price target of $20.30.

Enovix Stock Down 6.6 %

NASDAQ ENVX opened at $10.72 on Thursday. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The firm 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 quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a fifty day moving average of $11.15 and a two-hundred day moving average of $10.30.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate 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 company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. On average, analysts predict that Enovix will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC purchased a new stake in Enovix in the third quarter valued at approximately $27,000. Fifth Third Bancorp boosted its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the period. Coppell Advisory Solutions LLC purchased a new position in shares of Enovix in the fourth quarter valued at $27,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix during the fourth quarter valued at about $43,000. Finally, Hollencrest Capital Management lifted its stake in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

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.