Enovix (NASDAQ:ENVX) Price Target Cut to $7.00 by Analysts at TD Cowen

Enovix (NASDAQ:ENVX) had its price target decreased by TD Cowen from $7.50 to $7.00 in a note issued to investors on Thursday. The firm currently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 3.98% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Bank of America assumed coverage on Enovix in a report on Thursday, March 12th. They set a “neutral” rating and a $6.00 target price on the stock. JPMorgan Chase & Co. downgraded Enovix from a “neutral” rating to an “underweight” rating in a report on Wednesday, May 6th. B. Riley Financial reduced their price objective on shares of Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Craig Hallum decreased their price objective on shares of Enovix from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Wells Fargo & Company set a $6.00 price objective on shares of Enovix in a research report on Thursday, March 12th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $13.82.

Enovix Price Performance

NASDAQ:ENVX opened at $7.29 on Thursday. Enovix has a 12-month low of $4.61 and a 12-month high of $16.49. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -9.47 and a beta of 2.24. The stock’s 50 day moving average price is $5.78 and its two-hundred day moving average price is $7.15. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Cetera Investment Advisers increased its position in Enovix by 4.3% during the 1st quarter. Cetera Investment Advisers now owns 195,117 shares of the company’s stock worth $1,011,000 after buying an additional 8,126 shares during the period. Swiss National Bank boosted its position in shares of Enovix by 10.2% in the first quarter. Swiss National Bank now owns 384,300 shares of the company’s stock valued at $1,991,000 after acquiring an additional 35,500 shares during the period. Wealthfront Advisers LLC boosted its position in shares of Enovix by 27.8% in the first quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company’s stock valued at $71,000 after acquiring an additional 3,001 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Enovix by 8.7% in the first quarter. Bank of New York Mellon Corp now owns 557,591 shares of the company’s stock valued at $2,888,000 after acquiring an additional 44,436 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its stake in shares of Enovix by 82.0% in the first quarter. Sanctuary Advisors LLC now owns 164,744 shares of the company’s stock valued at $853,000 after acquiring an additional 74,217 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.