Enovix Corporation (NASDAQ:ENVX) Receives $17.50 Average PT from Brokerages

Shares of Enovix Corporation (NASDAQ:ENVX) have been given an average recommendation of “Hold” by the ten ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $17.50.

ENVX has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research report on Monday. Oppenheimer set a $24.00 price objective on Enovix in a research note on Thursday, November 6th. Cantor Fitzgerald reduced their price target on Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a research report on Saturday, September 6th. Finally, JPMorgan Chase & Co. cut their price objective 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.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 120,000 shares of Enovix stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the sale, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 14.10% of the company’s stock.

Institutional Trading of Enovix

A number of large investors have recently made changes to their positions in ENVX. Caitlin John LLC purchased a new stake in Enovix during the 3rd quarter valued at $27,000. Parallel Advisors LLC lifted its holdings in Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after acquiring an additional 1,342 shares during the period. Stone House Investment Management LLC grew its stake in shares of Enovix by 56.4% during the 3rd quarter. Stone House Investment Management LLC now owns 7,922 shares of the company’s stock valued at $79,000 after purchasing an additional 2,857 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Enovix during the 3rd quarter valued at about $80,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Enovix in the first quarter worth approximately $98,000. 50.92% of the stock is currently owned by institutional investors.

Enovix Trading Up 0.7%

ENVX opened at $8.40 on Wednesday. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -10.37 and a beta of 2.12. Enovix has a one year low of $5.27 and a one year high of $16.49. The business has a 50 day simple moving average of $9.32 and a two-hundred day simple moving average of $10.41. The company has a debt-to-equity ratio of 1.74, a current ratio of 9.72 and a quick ratio of 9.47.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The business had revenue of $7.47 million for the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. Analysts predict that Enovix will post -1.01 EPS for the current year.

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.