Enovix Corporation (NASDAQ:ENVX) Receives $15.65 Consensus PT from Brokerages

Shares of Enovix Corporation (NASDAQ:ENVX) have been assigned an average rating of “Moderate Buy” from the ten analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $14.95.

A number of analysts have recently issued reports on the stock. Northland Securities set a $16.00 target price on shares of Enovix in a research note on Monday, November 17th. Canaccord Genuity Group decreased their price objective on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 26th. TD Cowen dropped their target price on shares of Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a research note on Thursday, February 26th. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Finally, Cantor Fitzgerald decreased their price target on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th.

Enovix Price Performance

ENVX opened at $5.11 on Monday. The business has a fifty day moving average of $6.92 and a 200 day moving average of $8.77. The stock has a market cap of $1.11 billion, a P/E ratio of -6.64 and a beta of 2.15. 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 52-week low of $5.03 and a 52-week high of $16.49.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently made changes to their positions in ENVX. Caitong International Asset Management Co. Ltd purchased a new stake in Enovix in the fourth quarter worth about $30,000. Virtu Financial LLC bought a new stake in shares of Enovix in the 4th quarter valued at about $848,000. Invesco Ltd. raised its holdings in shares of Enovix by 65.6% in the 4th quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock valued at $10,873,000 after purchasing an additional 589,271 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Enovix in the 4th quarter worth approximately $77,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Enovix by 8.2% during the fourth quarter. NewEdge Advisors LLC now owns 39,607 shares of the company’s stock valued at $290,000 after purchasing an additional 3,012 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.