Enovix (NASDAQ:ENVX) Price Target Cut to $15.00 by Analysts at Benchmark

Enovix (NASDAQ:ENVX) had its price objective dropped by investment analysts at Benchmark from $25.00 to $15.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 141.94% from the stock’s current price.

A number of other analysts have also issued reports on the stock. Canaccord Genuity Group cut their price target on shares of Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Craig Hallum decreased their price objective on shares of Enovix from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday. B. Riley Financial dropped their target price on shares of Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research report on Friday, April 10th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Enovix in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average target price of $12.91.

Enovix Trading Down 15.0%

ENVX traded down $1.09 during trading hours on Thursday, reaching $6.20. 6,994,835 shares of the company’s stock traded hands, compared to its average volume of 6,224,967. The firm has a 50-day moving average price of $5.78 and a 200 day moving average price of $7.15. The firm has a market capitalization of $1.35 billion, a PE ratio of -7.97 and a beta of 2.24. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90. Enovix has a 52-week low of $4.61 and a 52-week high of $16.49.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently bought and sold shares of ENVX. Jupiter Asset Management Ltd. purchased a new stake in Enovix during the third quarter worth $2,465,000. Granahan Investment Management LLC increased its holdings in shares of Enovix by 17.5% in the 3rd quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company’s stock valued at $17,444,000 after acquiring an additional 260,085 shares during the period. DNB Asset Management AS raised its position in shares of Enovix by 378.6% in the 3rd quarter. DNB Asset Management AS now owns 210,748 shares of the company’s stock worth $2,101,000 after acquiring an additional 166,712 shares in the last quarter. Blair William & Co. IL raised its position in shares of Enovix by 49.4% in the 3rd quarter. Blair William & Co. IL now owns 476,450 shares of the company’s stock worth $4,750,000 after acquiring an additional 157,452 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Enovix by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company’s stock worth $159,655,000 after purchasing an additional 175,599 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.