TD Cowen Boosts Enovix (NASDAQ:ENVX) Price Target to $14.00

Enovix (NASDAQ:ENVX) had its target price increased by analysts at TD Cowen from $11.00 to $14.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price points to a potential upside of 21.11% from the stock’s current price.

A number of other research firms also recently commented on ENVX. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday. William Blair reissued an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Finally, Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $19.57.

Enovix Stock Down 19.8 %

Enovix stock traded down $2.85 during midday trading on Thursday, hitting $11.56. 12,275,202 shares of the stock were exchanged, compared to its average volume of 5,405,441. The company has a 50 day moving average price of $13.84 and a two-hundred day moving average price of $10.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The firm has a market cap of $1.97 billion, a P/E ratio of -8.63 and a beta of 2.04. Enovix has a 1 year low of $5.70 and a 1 year high of $20.87.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The business 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%. On average, sell-side analysts predict that Enovix will post -1.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the company’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 value of $91,050.00. Following the transaction, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. grew its stake in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. Able Wealth Management LLC acquired a new stake in shares of Enovix in the 4th quarter valued at $34,000. Beacon Capital Management LLC boosted its holdings in Enovix by 71.9% in the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC increased its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after buying an additional 2,347 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in Enovix during the fourth quarter worth $49,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.