Enovix (NASDAQ:ENVX) Price Target Cut to $12.00 by Analysts at JPMorgan Chase & Co.

Enovix (NASDAQ:ENVX) had its price target cut by JPMorgan Chase & Co. from $18.00 to $12.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on ENVX. Cantor Fitzgerald reaffirmed an overweight rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Canaccord Genuity Group reaffirmed a buy rating and set a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. One investment 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.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $27.43.

Enovix Trading Up 10.6 %

Shares of NASDAQ:ENVX opened at $6.46 on Friday. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $1.09 billion, a PE ratio of -4.22 and a beta of 1.62. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The business’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $10.11.

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 return on equity of 77.74% and a negative net margin of 2,800.51%. The firm had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. As a group, equities research analysts predict that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated Sunday, April 14th. The stock was 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 owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Electron Capital Partners LLC increased its holdings in Enovix by 188.0% in the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock worth $33,871,000 after buying an additional 1,761,834 shares during the period. Vanguard Group Inc. raised its holdings in shares of Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the last quarter. Wellington Management Group LLP acquired a new position in Enovix during the third quarter valued at $7,290,000. Sora Investors LLC purchased a new stake in Enovix in the third quarter valued at $3,765,000. Finally, tru Independence LLC acquired a new stake in Enovix during the 3rd quarter worth about $3,745,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.