JPMorgan Chase & Co. Trims Enovix (NASDAQ:ENVX) Target Price to $15.00

Enovix (NASDAQ:ENVX) had its target price decreased by research analysts at JPMorgan Chase & Co. from $18.00 to $15.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 42.65% from the company’s current price.

A number of other brokerages have also recently weighed in on ENVX. TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark assumed coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. Canaccord Genuity Group lifted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $21.67.

Enovix Stock Performance

NASDAQ ENVX opened at $10.52 on Tuesday. The business has a 50 day moving average price of $10.03 and a 200 day moving average price of $10.95. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company has a market capitalization of $1.79 billion, a P/E ratio of -7.89 and a beta of 1.98. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Sell-side analysts expect that Enovix will post -1.21 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. One Wealth Advisors LLC purchased a new position in shares of Enovix in the 3rd quarter worth about $700,000. Vanguard Group Inc. raised its holdings in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares during the period. Driehaus Capital Management LLC lifted its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Scientech Research LLC purchased a new stake in Enovix during the second quarter worth approximately $834,000. Finally, Wealth Effects LLC increased its position in shares of Enovix by 55.6% in the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after acquiring an additional 81,801 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

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.