Enovix (NASDAQ:ENVX) PT Lowered to $12.00

Enovix (NASDAQ:ENVX) had its price objective lowered by JPMorgan Chase & Co. from $18.00 to $12.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

ENVX has been the topic of several other research reports. Cantor Fitzgerald restated an overweight rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, April 25th. Canaccord Genuity Group restated a buy rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $27.43.

Enovix Trading Up 0.5 %

NASDAQ ENVX opened at $6.49 on Friday. Enovix has a one year low of $5.70 and a one year high of $23.90. The company’s 50 day moving average price is $8.07 and its 200 day moving average price is $10.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. As a group, equities research analysts forecast that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its position in shares of Enovix by 16.4% during the first quarter. Principal Financial Group Inc. now owns 18,645 shares of the company’s stock worth $149,000 after buying an additional 2,633 shares in the last quarter. PBMares Wealth Management LLC grew its position in shares of Enovix by 382.2% during the first quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock worth $1,738,000 after buying an additional 172,000 shares in the last quarter. Meridian Wealth Management LLC boosted its holdings in Enovix by 15.7% in the first quarter. Meridian Wealth Management LLC now owns 99,870 shares of the company’s stock worth $800,000 after purchasing an additional 13,530 shares during the period. Wealth Effects LLC boosted its holdings in Enovix by 44.7% in the first quarter. Wealth Effects LLC now owns 147,200 shares of the company’s stock worth $1,179,000 after purchasing an additional 45,450 shares during the period. Finally, Refined Wealth Management boosted its holdings in Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after purchasing an additional 136,758 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.