Enovix (NASDAQ:ENVX) Shares Gap Down Following Analyst Downgrade

Enovix Corporation (NASDAQ:ENVX) shares gapped down before the market opened on Thursday after TD Cowen lowered their price target on the stock from $7.50 to $7.00. The stock had previously closed at $7.29, but opened at $6.31. TD Cowen currently has a hold rating on the stock. Enovix shares last traded at $6.0190, with a volume of 4,894,181 shares changing hands.

Several other equities research analysts have also recently issued reports on ENVX. Wells Fargo & Company set a $6.00 target price on shares of Enovix in a report on Thursday, March 12th. JPMorgan Chase & Co. lowered shares of Enovix from a “neutral” rating to an “underweight” rating in a research note on Wednesday, May 6th. Craig Hallum lowered their price target on Enovix from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Canaccord Genuity Group dropped their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.82.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in shares of Enovix by 7.6% during the 3rd quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock worth $126,000 after acquiring an additional 895 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Enovix by 2.7% in the 3rd quarter. Private Advisor Group LLC now owns 46,519 shares of the company’s stock worth $464,000 after purchasing an additional 1,242 shares in the last quarter. Parallel Advisors LLC raised its holdings in Enovix by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after purchasing an additional 1,342 shares during the period. Equitable Holdings Inc. raised its holdings in Enovix by 10.9% in the 3rd quarter. Equitable Holdings Inc. now owns 13,700 shares of the company’s stock worth $137,000 after purchasing an additional 1,342 shares during the period. Finally, Claro Advisors LLC lifted its position in Enovix by 2.9% during the third quarter. Claro Advisors LLC now owns 64,578 shares of the company’s stock valued at $644,000 after purchasing an additional 1,850 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Stock Down 15.8%

The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The company has a 50-day moving average of $5.78 and a two-hundred day moving average of $7.15. The company has a market capitalization of $1.33 billion, a PE ratio of -7.97 and a beta of 2.24.

Enovix Company Profile

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.