Enovix (NASDAQ:ENVX) Stock Rating Cut to Hold at Craig Hallum

Craig Hallum downgraded shares of Enovix (NASDAQ:ENVX) from a buy rating to a hold rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. Craig Hallum currently has $2.00 price target on the stock.

Other equities analysts also recently issued research reports about the stock. William Blair downgraded shares of Enovix from an “outperform” rating to a “market perform” rating in a research report on Monday, August 17th. Loop Capital raised shares of Enovix to a “strong-buy” rating in a report on Monday, August 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price target on shares of Enovix in a research note on Thursday, August 13th. Canaccord Genuity Group cut their price target on shares of Enovix from $12.00 to $8.00 and set a “buy” rating for the company in a report on Friday, August 14th. Finally, Bank of America reissued a “neutral” rating and set a $4.00 price target on shares of Enovix in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.80.

Enovix Trading Down 11.4%

NASDAQ:ENVX opened at $1.60 on Friday. Enovix has a 12-month low of $1.53 and a 12-month high of $9.19. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46. The stock’s 50 day simple moving average is $2.23 and its 200-day simple moving average is $3.93. The firm has a market cap of $351.12 million, a P/E ratio of -2.19 and a beta of 2.34.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Friday, November 13th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.05. Enovix had a negative return on equity of 67.80% and a negative net margin of 406.54%. The firm had revenue of $11.04 million during the quarter. Equities analysts anticipate that Enovix will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in Enovix by 4.7% in the first quarter. NewEdge Advisors LLC now owns 41,460 shares of the company’s stock valued at $215,000 after acquiring an additional 1,853 shares during the period. Wealthfront Advisers LLC boosted its stake in shares of Enovix by 27.8% in the 1st quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company’s stock valued at $71,000 after purchasing an additional 3,001 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in shares of Enovix by 32.5% in the 2nd quarter. Harbor Investment Advisory LLC now owns 18,740 shares of the company’s stock valued at $114,000 after purchasing an additional 4,600 shares in the last quarter. Refined Wealth Management grew its holdings in shares of Enovix by 0.7% in the 3rd quarter. Refined Wealth Management now owns 850,768 shares of the company’s stock worth $2,467,000 after purchasing an additional 5,918 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Enovix by 8.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 86,474 shares of the company’s stock worth $448,000 after purchasing an additional 7,075 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix News Roundup

These are some of the ENVX news items that stood out recently:

• Positive Sentiment: The company plans to invest $19 million to double drone-battery capacity at its South Korean facility, while its drone, defense and industrial pipeline grew 18% sequentially to about $216 million. It also reported $512 million in cash, cash equivalents, marketable securities and restricted cash, and retired $128 million face value of convertible notes for about $81 million. Enovix Q3 results and outlook
• Negative Sentiment: Three firms cut their ratings: Oppenheimer moved to “market perform,” Craig Hallum to “hold,” and B. Riley to “neutral.” B. Riley also slashed its price target from $9 to $2, reflecting sharply weaker analyst expectations. B. Riley ratings
• Negative Sentiment: Law firms announced investigations into whether Enovix misled investors, including about the readiness of its AI-1 silicon-anode cells for phone qualification. The announcements followed a steep share-price decline and may add uncertainty, although they do not establish that securities laws were violated. Block & Leviton investigation announcement

Enovix Company Profile

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.