Brokerages Set Enovix Corporation (NASDAQ:ENVX) PT at $15.65

Shares of Enovix Corporation (NASDAQ:ENVX) have been given an average recommendation of “Moderate Buy” by the ten brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $14.95.

ENVX has been the subject of several recent analyst reports. Craig Hallum decreased their target price on shares of Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Northland Securities set a $16.00 target price on shares of Enovix in a report on Monday, November 17th. JPMorgan Chase & Co. lowered their target price on Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Canaccord Genuity Group cut their price objective on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, TD Cowen dropped their price target on Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a research note on Thursday, February 26th.

Enovix Stock Performance

NASDAQ:ENVX opened at $4.85 on Monday. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90. Enovix has a twelve month low of $4.84 and a twelve month high of $16.49. The stock has a market cap of $1.05 billion, a P/E ratio of -6.30 and a beta of 2.15. The firm’s fifty day simple moving average is $6.80 and its 200 day simple moving average is $8.69.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. acquired a new position in shares of Enovix in the 3rd quarter valued at about $2,465,000. Perennial Investment Advisors LLC increased its holdings in shares of Enovix by 50.2% during the 2nd quarter. Perennial Investment Advisors LLC now owns 366,100 shares of the company’s stock valued at $3,785,000 after purchasing an additional 122,278 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Enovix in the 2nd quarter valued at $1,107,000. Baird Financial Group Inc. boosted its holdings in Enovix by 24.0% during the second 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 grew its position in Enovix by 5.3% during the second quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock valued at $73,065,000 after buying an additional 353,530 shares during the period. Institutional investors own 50.92% of the company’s stock.

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.