Enovix (NASDAQ:ENVX) Price Target Cut to $12.00

Enovix (NASDAQ:ENVX) had its price objective lowered by JPMorgan Chase & Co. from $18.00 to $12.00 in a research report released on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on ENVX. Canaccord Genuity Group reiterated a buy rating and issued a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reiterated an overweight rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $27.43.

Enovix Stock Up 0.5 %

ENVX opened at $6.49 on Friday. The firm’s fifty day simple moving average is $8.07 and its two-hundred day simple moving average is $10.07. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90.

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

Insider Buying and Selling

In related 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 transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 17.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in the stock. 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 valued at $161,871,000 after acquiring an additional 513,508 shares during the last quarter. Electron Capital Partners LLC increased its position in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Enovix by 0.4% during the third quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after acquiring an additional 9,800 shares during the last quarter. Masters Capital Management LLC increased its position in shares of Enovix by 18.2% during the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after acquiring an additional 200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.