Brokerages Set Enovix Co. (NASDAQ:ENVX) Target Price at $21.33

Enovix Co. (NASDAQ:ENVX) has earned an average recommendation of “Buy” from the ten brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has 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 1 year target price among analysts that have covered the stock in the last year is $21.33.

ENVX has been the subject of a number of analyst reports. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. B. Riley raised Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, TD Cowen boosted their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st.

Enovix Stock Up 0.1 %

Shares of ENVX opened at $8.45 on Wednesday. The firm has a market cap of $1.44 billion, a P/E ratio of -6.31 and a beta of 1.99. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average price is $11.33 and its 200 day moving average price is $10.52. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, sell-side analysts forecast that Enovix will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the last quarter. Electron Capital Partners LLC grew its holdings in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Finally, Masters Capital Management LLC boosted its stake in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after acquiring an additional 50,000 shares during the last quarter. Institutional investors and hedge funds 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.