Craig Hallum Issues Pessimistic Forecast for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target lowered by stock analysts at Craig Hallum from $20.00 to $18.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 67.91% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 31st. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday. Two 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 stock has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Performance

Shares of ENVX stock opened at $10.72 on Thursday. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The stock has a market cap of $1.91 billion, a PE ratio of -7.39 and a beta of 1.87. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company’s fifty day moving average price is $11.15 and its 200-day moving average price is $10.30.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The firm had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. On average, equities analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Lpwm LLC bought a new position in shares of Enovix during the 4th quarter valued at approximately $549,000. Oppenheimer & Co. Inc. boosted its position in shares of Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after acquiring an additional 93,303 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after acquiring an additional 55,094 shares during the last quarter. Register Financial Advisors LLC boosted its position in shares of Enovix by 172.8% during the 4th quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock valued at $1,901,000 after acquiring an additional 110,750 shares during the last quarter. Finally, Sonora Investment Management Group LLC boosted its position in shares of Enovix by 10.1% during the 4th quarter. Sonora Investment Management Group LLC now owns 275,901 shares of the company’s stock valued at $2,999,000 after acquiring an additional 25,271 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

About Enovix

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.