Enovix (NASDAQ:ENVX) Price Target Raised to $20.00

Enovix (NASDAQ:ENVX) had its target price upped by Craig Hallum from $15.00 to $20.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 64.20% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group raised their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. William Blair restated an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Finally, Benchmark began coverage on shares of Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Enovix currently has a consensus rating of “Buy” and a consensus target price of $20.50.

Enovix Stock Performance

NASDAQ:ENVX traded down $2.23 during trading hours on Thursday, reaching $12.18. 9,013,593 shares of the company’s stock were exchanged, compared to its average volume of 5,378,781. Enovix has a 1-year low of $5.70 and a 1-year high of $20.87. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -9.09 and a beta of 2.04. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $13.84 and a 200 day moving average of $10.64.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. Research analysts anticipate that Enovix will post -1.14 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its position in shares of Enovix by 68.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock valued at $1,886,000 after purchasing an additional 61,327 shares during the period. Victory Capital Management Inc. increased its position in Enovix by 29.3% during the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock worth $231,000 after acquiring an additional 4,170 shares during the period. Electron Capital Partners LLC increased its position in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the period. Raymond James & Associates increased its position in Enovix by 7.1% during the fourth quarter. Raymond James & Associates now owns 422,563 shares of the company’s stock worth $5,290,000 after acquiring an additional 28,167 shares during the period. Finally, Wells Fargo & Company MN increased its position in Enovix by 19.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after acquiring an additional 171,635 shares during the period. Institutional investors own 50.92% of the company’s stock.

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.