Analysts Set Enovix Co. (NASDAQ:ENVX) Price Target at $21.33

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus rating of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $21.33.

A number of research firms have recently weighed in on ENVX. Canaccord Genuity Group lifted their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Benchmark started coverage on shares of Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Craig Hallum upped their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st.

Enovix Stock Down 6.9 %

ENVX opened at $11.93 on Friday. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The firm’s 50 day simple moving average is $9.97 and its two-hundred day simple moving average is $10.82. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $2.03 billion, a PE ratio of -8.90 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. As a group, equities analysts forecast that Enovix will post -1.21 EPS for the current year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in ENVX. Driehaus Capital Management LLC boosted its position in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Enovix by 2,228.5% during 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 purchasing an additional 1,376,253 shares during the last quarter. Vanguard Group Inc. lifted its position in Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after purchasing an additional 513,508 shares during the last quarter. Old West Investment Management LLC grew its stake in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares in the last quarter. Finally, PBMares Wealth Management LLC increased its holdings in shares of Enovix by 382.2% in the 1st quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock worth $1,738,000 after buying an additional 172,000 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.