Enovix (NASDAQ:ENVX) Stock Gets Downgrade from B. Riley Financial

Enovix (NASDAQ:ENVX) was downgraded by investment analysts at B. Riley Financial from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $2.00 target price on the stock, down from their previous target price of $9.00. B. Riley Financial‘s target price would suggest a potential upside of 25.00% from the company’s previous close.

Several other brokerages have also weighed in on ENVX. Loop Capital upgraded Enovix to a “strong-buy” rating in a research note on Monday, August 17th. Bank of America reaffirmed a “neutral” rating and issued a $4.00 price target on shares of Enovix in a report on Monday, August 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research report on Friday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price objective on shares of Enovix in a report on Thursday, August 13th. Finally, Canaccord Genuity Group cut their price objective on Enovix from $12.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Enovix has a consensus rating of “Hold” and an average price target of $7.80.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded down $0.20 on Friday, hitting $1.60. 19,217,238 shares of the company were exchanged, compared to its average volume of 10,649,369. Enovix has a 1-year low of $1.53 and a 1-year high of $9.19. The stock’s 50 day moving average price is $2.23 and its 200 day moving average price is $3.93. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46. The firm has a market capitalization of $351.12 million, a P/E ratio of -2.19 and a beta of 2.34.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Friday, November 13th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. Enovix had a negative net margin of 406.54% and a negative return on equity of 67.80%. The firm had revenue of $11.04 million for the quarter. Sell-side analysts predict that Enovix will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Enovix

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Enovix in the second quarter valued at approximately $100,054,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Enovix in the 2nd quarter valued at $8,689,000. Bank of America Corp DE purchased a new position in Enovix in the 2nd quarter valued at $8,356,000. Bank of New York Mellon Corp purchased a new position in Enovix in the 2nd quarter valued at $3,551,000. Finally, Deutsche Bank AG purchased a new position in Enovix in the 2nd quarter valued at $3,343,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Recent Enovix Headlines

Here are a few of the latest headlines about ENVX:

• Positive Sentiment: The company plans to invest $19 million to double drone-battery capacity at its South Korean facility, while its drone, defense and industrial pipeline grew 18% sequentially to about $216 million. It also reported $512 million in cash, cash equivalents, marketable securities and restricted cash, and retired $128 million face value of convertible notes for about $81 million. Enovix Q3 results and outlook
• Negative Sentiment: Three firms cut their ratings: Oppenheimer moved to “market perform,” Craig Hallum to “hold,” and B. Riley to “neutral.” B. Riley also slashed its price target from $9 to $2, reflecting sharply weaker analyst expectations. B. Riley ratings
• Negative Sentiment: Law firms announced investigations into whether Enovix misled investors, including about the readiness of its AI-1 silicon-anode cells for phone qualification. The announcements followed a steep share-price decline and may add uncertainty, although they do not establish that securities laws were violated. Block & Leviton investigation announcement

About Enovix

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.