Enovix (NASDAQ:ENVX) PT Lowered to $12.00

Enovix (NASDAQ:ENVX) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $18.00 to $12.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 101.34% from the company’s current price.

A number of other brokerages have also weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Enovix Price Performance

Shares of NASDAQ ENVX traded up $0.12 during trading hours on Friday, hitting $5.96. 1,080,836 shares of the stock were exchanged, compared to its average volume of 4,360,550. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company has a market cap of $1.00 billion, a PE ratio of -3.93 and a beta of 1.62. The company’s fifty day simple moving average is $8.30 and its two-hundred day simple moving average is $10.13. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. On average, sell-side analysts predict that Enovix will post -1.13 EPS for the current year.

Insider Activity

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated 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 transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beacon Capital Management LLC boosted its holdings 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 last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Enovix in the third quarter valued at approximately $31,000. Carmel Capital Partners LLC bought a new stake in shares of Enovix in the third quarter valued at approximately $34,000. Able Wealth Management LLC bought a new stake in Enovix during the 4th quarter worth approximately $34,000. Finally, Quest Partners LLC bought a new stake in Enovix during the 4th quarter worth approximately $49,000. 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.