Enovix Co. (NASDAQ:ENVX) Given Average Rating of “Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have been given a consensus recommendation of “Buy” by the nine analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $19.50.

Several equities research analysts have issued reports on the stock. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. TD Cowen raised their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, William Blair reaffirmed an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd.

Insider Activity at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of Enovix 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 directly owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in 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. boosted its position in Enovix by 9.5% in the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after buying an additional 1,072,508 shares in the last quarter. Electron Capital Partners LLC boosted 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 buying an additional 540,399 shares in the last quarter. Masters Capital Management LLC boosted its position in Enovix by 18.2% in the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after buying an additional 200,000 shares in the last quarter. Finally, PBMares Wealth Management LLC boosted its position in Enovix by 382.2% in the first quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock valued at $1,738,000 after buying an additional 172,000 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

Enovix Price Performance

Shares of ENVX stock opened at $11.39 on Tuesday. The firm has a 50 day moving average price of $13.91 and a two-hundred day moving average price of $10.67. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68.

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.