Enovix (NASDAQ:ENVX) Stock Rating Lowered by Janney Montgomery Scott

Janney Montgomery Scott lowered shares of Enovix (NASDAQ:ENVX) from a buy rating to a neutral rating in a report released on Thursday, MarketBeat reports. The brokerage currently has $10.00 price target on the stock.

Several other equities research analysts have also commented on the stock. TD Cowen boosted their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday. Finally, Canaccord Genuity Group raised their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Trading Up 3.2 %

Shares of ENVX traded up $0.29 during mid-day trading on Thursday, reaching $9.30. 3,893,635 shares of the company’s stock traded hands, compared to its average volume of 5,615,919. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The stock’s 50-day moving average is $10.06 and its two-hundred day moving average is $11.05. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The stock has a market cap of $1.64 billion, a P/E ratio of -5.84 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 96.23% and a negative net margin of 1,180.21%. During the same quarter last year, the firm posted ($0.27) earnings per share. Research analysts forecast that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC grew its stake in shares of 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 buying an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares during the period. Vanguard Group Inc. lifted its holdings in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares in the last quarter. Old West Investment Management LLC boosted its position in Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares during the period. Finally, Seven Eight Capital LP grew its stake in shares of Enovix by 161.5% in the first quarter. Seven Eight Capital LP now owns 204,018 shares of the company’s stock worth $1,634,000 after acquiring an additional 125,990 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.