Enovix Corporation (NASDAQ:ENVX) Receives Average Recommendation of “Hold” from Brokerages

Enovix Corporation (NASDAQ:ENVX) has been assigned an average recommendation of “Hold” from the ten brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $17.50.

A number of equities analysts recently issued reports on ENVX shares. Cantor Fitzgerald lowered their price objective on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a report on Friday, October 31st. JPMorgan Chase & Co. reduced their price objective on Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Finally, Canaccord Genuity Group lowered their target price on Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, November 6th.

Enovix Price Performance

Shares of ENVX stock opened at $7.53 on Friday. The business has a fifty day simple moving average of $10.50 and a 200 day simple moving average of $10.35. The company has a market cap of $1.63 billion, a P/E ratio of -9.30 and a beta of 2.09. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. Enovix has a twelve month low of $5.27 and a twelve month high of $16.49.

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

Insider Activity

In related news, COO Ajay Marathe sold 120,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer owned 1,027,259 shares in the company, valued at $12,337,380.59. This trade represents a 10.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Enovix by 1.1% during the third quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company’s stock valued at $159,655,000 after acquiring an additional 175,599 shares during the last quarter. Electron Capital Partners LLC grew its stake in shares of Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after purchasing an additional 972,103 shares during the last quarter. Geode Capital Management LLC increased its holdings in Enovix by 1.4% in the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock valued at $41,122,000 after purchasing an additional 55,506 shares during the period. Driehaus Capital Management LLC increased its holdings in Enovix by 1.8% in the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after purchasing an additional 41,559 shares during the period. Finally, Fred Alger Management LLC raised its position in Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after purchasing an additional 394,532 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

About Enovix

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.