JPMorgan Chase & Co. Issues Pessimistic Forecast for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target cut by research analysts at JPMorgan Chase & Co. from $12.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 18.41% from the company’s previous close.

A number of other brokerages have also recently issued reports on ENVX. Canaccord Genuity Group decreased their price objective on shares of Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Wall Street Zen cut Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Oppenheimer set a $24.00 price objective on Enovix in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a research note on Friday, October 31st. Finally, Benchmark increased their target price on shares of Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.67.

Enovix Stock Down 4.5%

Shares of Enovix stock traded down $0.40 on Wednesday, reaching $8.45. 3,284,337 shares of the company were exchanged, compared to its average volume of 6,936,253. The company has a current ratio of 9.72, a quick ratio of 9.47 and a debt-to-equity ratio of 1.74. Enovix has a one year low of $5.27 and a one year high of $16.49. The company has a 50-day moving average of $10.78 and a 200 day moving average of $10.29. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of -10.45 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The business had revenue of $7.47 million during the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. On average, equities research analysts forecast that Enovix will post -1.01 earnings per share for the current year.

Insider Activity

In related news, COO Ajay Marathe sold 120,000 shares of Enovix stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the sale, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Hedge funds have recently modified their holdings of the company. Caitlin John LLC bought a new stake in Enovix during the third quarter worth $27,000. Stone House Investment Management LLC bought a new stake in shares of Enovix during the 1st quarter worth $37,000. AMG National Trust Bank purchased a new position in shares of Enovix in the 1st quarter worth about $75,000. Wilmington Savings Fund Society FSB bought a new position in Enovix during the third quarter valued at about $80,000. Finally, Integrity Alliance LLC. bought a new position in Enovix during the first quarter valued at about $98,000. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.