Enovix (NASDAQ:ENVX) Upgraded to “Strong-Buy” by B. Riley

B. Riley upgraded shares of Enovix (NASDAQ:ENVX) to a strong-buy rating in a research note released on Tuesday morning, Zacks.com reports.

Several other equities research analysts have also weighed in on ENVX. William Blair reaffirmed an outperform rating on shares of Enovix in a research report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research note on Friday, April 26th. Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Enovix presently has an average rating of Buy and an average price target of $18.33.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $15.46 on Tuesday. The company has a market cap of $2.63 billion, a PE ratio of -11.54 and a beta of 1.95. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The firm has a 50-day simple moving average of $10.35 and a 200 day simple moving average of $10.15. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last issued its 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 company had revenue of $5.27 million during the quarter, compared to analyst estimates 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 anticipate that Enovix will post -1.15 EPS for the current year.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated 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 owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

A number of large investors have recently added to or reduced their stakes in ENVX. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 buying an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after purchasing an additional 1,072,508 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Enovix during the third quarter valued at $7,290,000. Electron Capital Partners LLC boosted its position in shares of Enovix by 20.0% in the 4th 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. Finally, Stifel Financial Corp increased its stake in Enovix by 87.3% in the 3rd quarter. Stifel Financial Corp now owns 624,600 shares of the company’s stock worth $7,839,000 after purchasing an additional 291,054 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.