Craig Hallum Trims Enovix (NASDAQ:ENVX) Target Price to $15.00

Enovix (NASDAQ:ENVX) had its target price lowered by analysts at Craig Hallum from $20.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price objective suggests a potential upside of 64.84% from the company’s previous close.

ENVX has been the topic of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, April 25th. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. B. Riley lowered their price objective on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, William Blair reiterated an “outperform” rating on shares of Enovix in a research report on Thursday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.29.

Enovix Trading Up 39.8 %

ENVX stock traded up $2.59 during mid-day trading on Thursday, reaching $9.10. 15,437,525 shares of the stock traded hands, compared to its average volume of 4,558,400. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90. The stock’s fifty day moving average is $7.87 and its 200-day moving average is $10.01. The company has a market cap of $1.55 billion, a P/E ratio of -5.90 and a beta of 1.70. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The firm had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. As a group, sell-side analysts expect that Enovix will post -1.13 earnings per share for the current year.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares during the last quarter. Electron Capital Partners LLC grew its holdings in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares during the period. Masters Capital Management LLC lifted its stake in shares of Enovix by 18.2% in the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after buying an additional 200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after buying an additional 55,157 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.