Oppenheimer Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target cut by equities research analysts at Oppenheimer from $24.00 to $21.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 236.54% from the stock’s current price.

A number of other equities research analysts have also recently commented on ENVX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a report on Friday, April 10th. TD Cowen reissued a “buy” rating on shares of Enovix in a report on Thursday. Craig Hallum decreased their target price on Enovix from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered Enovix from a “neutral” rating to an “underweight” rating in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group dropped their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.64.

Enovix Stock Performance

ENVX stock traded down $1.05 during mid-day trading on Thursday, hitting $6.24. The company had a trading volume of 7,749,484 shares, compared to its average volume of 6,224,967. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The firm has a market cap of $1.36 billion, a PE ratio of -8.06 and a beta of 2.24. Enovix has a 12 month low of $4.61 and a 12 month high of $16.49. The stock’s fifty day moving average price is $5.78 and its two-hundred day moving average price is $7.15.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Enovix by 10.9% during the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock valued at $129,831,000 after acquiring an additional 1,747,145 shares during the period. Electron Capital Partners LLC boosted its holdings in shares of Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after acquiring an additional 972,103 shares during the period. Geode Capital Management LLC grew its position in shares of Enovix by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company’s stock valued at $32,268,000 after purchasing an additional 253,906 shares in the last quarter. State Street Corp grew its position in shares of Enovix by 2.0% in the fourth quarter. State Street Corp now owns 3,959,029 shares of the company’s stock valued at $28,941,000 after purchasing an additional 77,079 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Enovix by 18.0% during the 4th quarter. Royal Bank of Canada now owns 2,525,268 shares of the company’s stock valued at $18,461,000 after purchasing an additional 385,983 shares during the period. 50.92% of the stock is owned by institutional investors.

More Enovix News

Here are the key news stories impacting Enovix this week:

• Positive Sentiment: Enovix reported Q1 EPS of -$0.14, slightly better than the consensus estimate of -$0.15, and said revenue rose 49.1% year over year. Article Title
• Positive Sentiment: The company said it began commercial production of its silicon-anode smart eyewear battery and continues advancing toward smartphone qualification completion, which could support longer-term growth. Article Title
• Neutral Sentiment: Enovix provided Q2 EPS guidance of -$0.17 to -$0.13 and revenue guidance of $8 million to $9 million, which was roughly in line with expectations but not strong enough to offset investor concerns. Article Title
• Negative Sentiment: Benchmark, Craig Hallum, and TD Cowen all lowered their price targets, with TD Cowen also cutting its rating to Hold, signaling more cautious views after the results. Article Title
• Negative Sentiment: Shares fell after the earnings release as the market reacted to weak forward guidance despite the headline earnings beat. Article Title

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.