Brokerages Set Enovix Corporation (NASDAQ:ENVX) Target Price at $17.50

Shares of Enovix Corporation (NASDAQ:ENVX) have been given a consensus recommendation of “Hold” by the nine analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $17.50.

ENVX has been the subject of several research analyst reports. Canaccord Genuity Group lowered their price objective on Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Cantor Fitzgerald dropped their price target on Enovix from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Northland Securities set a $16.00 price objective on Enovix in a research note on Monday, November 17th. Oppenheimer set a $24.00 target price on shares of Enovix in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th.

Hedge Funds Weigh In On Enovix

Institutional investors have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new position in shares of Enovix during the second quarter valued at $3,612,000. Perennial Investment Advisors LLC grew its position in Enovix by 50.2% in the 2nd quarter. Perennial Investment Advisors LLC now owns 366,100 shares of the company’s stock valued at $3,785,000 after buying an additional 122,278 shares in the last quarter. XTX Topco Ltd acquired a new position in Enovix during the 2nd quarter valued at about $1,107,000. Baird Financial Group Inc. raised its position in shares of Enovix by 24.0% during the 2nd quarter. Baird Financial Group Inc. now owns 721,930 shares of the company’s stock worth $7,465,000 after buying an additional 139,617 shares in the last quarter. Finally, Electron Capital Partners LLC lifted its stake in shares of Enovix by 5.3% in the 2nd quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock worth $73,065,000 after acquiring an additional 353,530 shares during the period. 50.92% of the stock is owned by institutional investors.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $6.38 on Thursday. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The business has a 50 day moving average price of $7.79 and a two-hundred day moving average price of $9.57. The firm has a market cap of $1.38 billion, a PE ratio of -7.88 and a beta of 2.13.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, November 5th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. The company had revenue of $7.99 million during the quarter, compared to the consensus estimate of $7.94 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. The company’s revenue was up 86.0% on a year-over-year basis. Sell-side analysts expect that Enovix will post -1.01 earnings per share for the current fiscal year.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.