Enovix’s (ENVX) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research report released on Monday morning, Benzinga reports. The brokerage currently has a $19.00 price target on the stock, down from their prior price target of $23.00.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lowered 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. TD Cowen upped their target price on shares of Enovix from $11.00 to $14.00 and gave the company a hold rating in a report on Thursday, August 1st. Canaccord Genuity Group upped 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, August 1st. B. Riley upgraded shares of Enovix to a strong-buy rating in a report on Tuesday, June 25th. Finally, Benchmark started coverage on shares of Enovix in a report on Monday, July 22nd. They issued a buy rating and a $25.00 target price for the company. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $19.50.

Enovix Trading Down 6.7 %

Shares of NASDAQ:ENVX traded down $0.76 during trading hours on Monday, reaching $10.63. The stock had a trading volume of 7,668,110 shares, compared to its average volume of 5,480,191. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The firm’s 50 day moving average is $13.91 and its 200-day moving average is $10.67. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction 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 owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 17.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enovix

A number of large investors have recently bought and sold shares of ENVX. Blue Trust Inc. raised its position in Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares during the last quarter. Able Wealth Management LLC purchased a new position in Enovix during the 4th quarter worth $34,000. Beacon Capital Management LLC raised its position in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after buying an additional 1,798 shares during the last quarter. GAMMA Investing LLC raised its position in Enovix by 11,176.2% during the 2nd 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 purchased a new position in Enovix during the 4th quarter worth $49,000. Hedge funds and other 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.