Janney Montgomery Scott Downgrades Enovix (NASDAQ:ENVX) to Neutral

Janney Montgomery Scott downgraded shares of Enovix (NASDAQ:ENVX) from a buy rating to a neutral rating in a report published on Thursday morning, MarketBeat Ratings reports. The firm currently has $10.00 price objective on the stock.

ENVX has been the topic of several other research reports. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. TD Cowen raised their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group boosted their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Trading Up 0.2 %

Shares of Enovix stock opened at $9.03 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.84 and a current ratio of 3.77. The company has a fifty day moving average of $10.03 and a 200 day moving average of $11.10. The company has a market capitalization of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the company earned ($0.27) EPS. On average, sell-side analysts anticipate that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 15.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ENVX. Driehaus Capital Management LLC grew its stake in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 worth $11,518,000 after purchasing an additional 1,376,253 shares during the period. Vanguard Group Inc. raised its position in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after buying an additional 513,508 shares during the last quarter. Old West Investment Management LLC raised its stake in shares of Enovix by 47.6% during the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares during the last quarter. Finally, Seven Eight Capital LP boosted its stake in shares of Enovix by 161.5% in the first quarter. Seven Eight Capital LP now owns 204,018 shares of the company’s stock worth $1,634,000 after buying an additional 125,990 shares during the last quarter. 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.