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

Enovix Corporation (NASDAQ:ENVX)’s stock price 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.

Several other equities analysts have also issued reports on ENVX. JPMorgan Chase & Co. lowered shares of Enovix from a “neutral” rating to an “underweight” rating in a report on Wednesday, May 6th. Canaccord Genuity Group cut 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. Wells Fargo & Company set a $6.00 price objective on Enovix in a research note on Thursday, March 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a report on Friday, April 10th. Finally, B. Riley Financial cut their target price on Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.82.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new stake in Enovix during the 3rd quarter valued at $2,465,000. Granahan Investment Management LLC raised its stake in shares of Enovix by 17.5% in the third quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company’s stock worth $17,444,000 after purchasing an additional 260,085 shares during the last quarter. DNB Asset Management AS raised its stake in shares of Enovix by 378.6% in the third quarter. DNB Asset Management AS now owns 210,748 shares of the company’s stock worth $2,101,000 after purchasing an additional 166,712 shares during the last quarter. Blair William & Co. IL lifted its holdings in shares of Enovix by 49.4% during the third quarter. Blair William & Co. IL now owns 476,450 shares of the company’s stock valued at $4,750,000 after purchasing an additional 157,452 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Enovix by 1.1% during the third quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company’s stock valued at $159,655,000 after buying an additional 175,599 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

The firm has a 50-day moving average of $5.78 and a 200 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. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13.

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.