Enovix (NASDAQ:ENVX) Given New $15.00 Price Target at Craig Hallum

Enovix (NASDAQ:ENVX) had its target price cut by Craig Hallum from $20.00 to $15.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

ENVX has been the subject of a number of other research reports. William Blair restated an outperform rating on shares of Enovix in a report on Thursday. Cantor Fitzgerald reaffirmed an overweight rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. B. Riley cut their price objective on Enovix from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, April 30th. Canaccord Genuity Group reaffirmed a buy rating and issued a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. Finally, JPMorgan Chase & Co. dropped their price target 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. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Enovix presently has an average rating of Moderate Buy and a consensus price target of $25.29.

Enovix Stock Performance

Shares of ENVX stock traded up $0.62 during trading hours on Thursday, hitting $10.09. 11,963,656 shares of the company’s stock were exchanged, compared to its average volume of 5,634,649. The firm has a 50 day moving average of $7.88 and a two-hundred day moving average of $10.01. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. The firm had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. On average, equities research analysts predict that Enovix will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on 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 sale, the chief operating officer now directly 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 available through this hyperlink. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC lifted its holdings in shares of Enovix by 1.9% during the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after acquiring an additional 910 shares during the period. Beacon Capital Management LLC raised its stake in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Amalgamated Bank boosted its holdings in shares of Enovix by 5.9% in the 3rd quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock valued at $261,000 after purchasing an additional 1,154 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Enovix by 10.5% during the 3rd quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock valued at $179,000 after buying an additional 1,351 shares during the period. Finally, Insight Advisors LLC PA increased its holdings in shares of Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after buying an additional 1,370 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other 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.