JPMorgan Chase & Co. Cuts Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX) had its price target decreased by JPMorgan Chase & Co. from $18.00 to $15.00 in a report published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms also recently commented on ENVX. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Canaccord Genuity Group raised their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Benchmark initiated coverage on shares of Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Enovix has a consensus rating of “Buy” and an average price target of $21.67.

Enovix Trading Up 3.4 %

Shares of ENVX stock opened at $10.88 on Tuesday. The company has a 50 day moving average of $10.04 and a 200-day moving average of $10.95. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The firm has a market cap of $1.92 billion, a P/E ratio of -6.80 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. Sell-side analysts anticipate that Enovix will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix 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 transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. This trade represents 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. 15.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. increased its position in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the period. GAMMA Investing LLC increased its position in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the second quarter valued at about $39,000. Beacon Capital Management LLC boosted its stake in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares in the last quarter. Finally, Voisard Asset Management Group Inc. boosted its stake in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares in the last quarter. 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.