Enovix Corporation (NASDAQ:ENVX) Receives Average Rating of “Hold” from Analysts

Shares of Enovix Corporation (NASDAQ:ENVX) have received an average recommendation of “Hold” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $17.50.

A number of research firms have recently weighed in on ENVX. Canaccord Genuity Group lowered their price objective on Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Oppenheimer set a $24.00 price target on Enovix in a research note on Thursday, November 6th. Cantor Fitzgerald lowered 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. Northland Securities set a $16.00 price objective on shares of Enovix in a report on Monday, November 17th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of Enovix during the 2nd quarter valued at approximately $3,612,000. Perennial Investment Advisors LLC boosted its holdings in Enovix by 50.2% during the second quarter. Perennial Investment Advisors LLC now owns 366,100 shares of the company’s stock worth $3,785,000 after buying an additional 122,278 shares in the last quarter. XTX Topco Ltd acquired a new stake in Enovix during the second quarter valued at $1,107,000. Baird Financial Group Inc. increased its holdings in Enovix by 24.0% in the second quarter. Baird Financial Group Inc. now owns 721,930 shares of the company’s stock valued at $7,465,000 after buying an additional 139,617 shares in the last quarter. Finally, Electron Capital Partners LLC raised its position in shares of Enovix by 5.3% in the second quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock worth $73,065,000 after acquiring an additional 353,530 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Stock Down 2.0%

ENVX traded down $0.13 during trading on Thursday, hitting $6.01. The stock had a trading volume of 1,294,805 shares, compared to its average volume of 6,694,247. The stock has a 50 day simple moving average of $7.70 and a two-hundred day simple moving average of $9.39. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. Enovix has a twelve month low of $5.27 and a twelve month high of $16.49. The company has a market capitalization of $1.30 billion, a PE ratio of -7.41 and a beta of 2.13.

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.