Enovix (NASDAQ:ENVX) Given New $16.00 Price Target at B. Riley

Enovix (NASDAQ:ENVX) had its target price decreased by B. Riley from $18.00 to $16.00 in a report issued on Tuesday morning, Benzinga reports. B. Riley currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Canaccord Genuity Group reissued a buy rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. JPMorgan Chase & Co. dropped their price objective on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research note on Friday, April 26th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $25.29.

Enovix Price Performance

Enovix stock opened at $10.09 on Tuesday. Enovix has a one year low of $5.70 and a one year high of $23.90. The business has a fifty day moving average price of $7.87 and a 200-day moving average price of $10.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The firm has a market capitalization of $1.71 billion, a P/E ratio of -7.53 and a beta of 1.70.

Enovix (NASDAQ:ENVX) last posted its quarterly 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). Enovix had a negative return on equity of 83.66% and a negative net margin of 1,448.90%. The company had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. As a group, equities research analysts forecast that Enovix will post -1.13 EPS for the current year.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Large investors have recently added to or reduced their stakes in the company. Beacon Capital Management LLC raised its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Enovix in the third quarter worth about $31,000. Carmel Capital Partners LLC purchased a new position in shares of Enovix in the third quarter worth about $34,000. Able Wealth Management LLC purchased a new position in shares of Enovix in the fourth quarter worth about $34,000. Finally, Quest Partners LLC purchased a new position in shares of Enovix in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.