Brokerages Set Enovix Co. (NASDAQ:ENVX) Price Target at $20.50

Enovix Co. (NASDAQ:ENVX) has earned an average recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $20.50.

Several research firms have weighed in on ENVX. Piper Sandler reiterated an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Canaccord Genuity Group boosted their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Craig Hallum boosted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System raised its position in Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares in the last quarter. Blue Trust Inc. raised its position in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. raised its position in Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares in the last quarter. Clear Creek Financial Management LLC raised its position in Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after acquiring an additional 1,434 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 5.1 %

ENVX stock opened at $8.75 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The firm has a fifty day moving average price of $9.96 and a two-hundred day moving average price of $11.26. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -5.43 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the firm earned ($0.27) earnings per share. Research analysts predict that Enovix will post -1.17 EPS for the current year.

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.