Cantor Fitzgerald Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target dropped by Cantor Fitzgerald from $30.00 to $25.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 159.28% from the company’s previous close.

ENVX has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a research note on Saturday, September 6th. B. Riley reiterated a “buy” rating and set a $17.00 price target (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Canaccord Genuity Group lifted their target price on shares of Enovix from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $12.00 price objective (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Finally, Benchmark increased their price target on Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.25.

Enovix Stock Performance

ENVX opened at $9.64 on Thursday. Enovix has a 52-week low of $5.27 and a 52-week high of $16.49. The business’s fifty day moving average is $10.82 and its 200-day moving average is $10.18. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The firm has a market cap of $1.90 billion, a P/E ratio of -12.20 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The firm had revenue of $7.47 million during the quarter. Sell-side analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 120,000 shares of Enovix stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the sale, the chief operating officer directly owned 1,027,259 shares in the company, valued at $12,337,380.59. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 14.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. boosted its stake in Enovix by 15.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 67,088 shares of the company’s stock worth $492,000 after purchasing an additional 9,024 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Enovix in the first quarter worth approximately $171,000. OneDigital Investment Advisors LLC raised its stake in Enovix by 16.5% during the 1st quarter. OneDigital Investment Advisors LLC now owns 35,253 shares of the company’s stock valued at $259,000 after buying an additional 5,003 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Enovix by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 504,179 shares of the company’s stock valued at $3,701,000 after acquiring an additional 2,640 shares during the period. Finally, Concurrent Investment Advisors LLC grew its position in Enovix by 4.9% during the first quarter. Concurrent Investment Advisors LLC now owns 66,604 shares of the company’s stock valued at $489,000 after buying an additional 3,123 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.