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

Enovix (NASDAQ:ENVX) had its price target trimmed by Craig Hallum from $20.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

ENVX has been the topic of a number of other research reports. William Blair restated an outperform rating on shares of Enovix in a report on Thursday. B. Riley decreased their target price on shares of Enovix from $18.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, April 30th. JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a research note on Friday, April 26th. Canaccord Genuity Group reissued a buy rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. Finally, Cantor Fitzgerald reissued an overweight rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $25.29.

Enovix Price Performance

Shares of NASDAQ ENVX traded up $0.62 during trading hours on Thursday, reaching $10.09. 11,963,656 shares of the stock traded hands, compared to its average volume of 5,634,649. The company’s 50-day simple moving average is $7.88 and its two-hundred day simple moving average is $10.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. The company had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. Equities analysts predict that Enovix will post -1.13 EPS for the current fiscal year.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 17.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position 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 buying an additional 513,508 shares during the period. Electron Capital Partners LLC raised its position in Enovix by 20.0% in 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 period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Enovix by 2,228.5% in the 1st 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 last quarter. Masters Capital Management LLC grew its holdings in shares of Enovix by 18.2% during the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after purchasing an additional 200,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after buying an additional 55,157 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.