Enovix Corporation (NASDAQ:ENVX) Receives $13.46 Average PT from Analysts

Shares of Enovix Corporation (NASDAQ:ENVX) have been given an average rating of “Hold” by the eleven brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $13.4583.

Several research firms have recently commented on ENVX. Oppenheimer reissued an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Bank of America began coverage on shares of Enovix in a research note on Thursday, March 12th. They set a “neutral” rating and a $6.00 price target on the stock. Canaccord Genuity Group decreased their price target on shares of Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. TD Cowen cut their price objective on shares of Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a report on Thursday, February 26th. Finally, Craig Hallum cut their price objective on shares of Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, February 26th.

Hedge Funds Weigh In On Enovix

Large investors have recently bought and sold shares of the business. Caitlin John LLC acquired a new position in Enovix in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new position in Enovix in the fourth quarter valued at approximately $30,000. 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 buying an additional 1,342 shares during the period. CWM LLC lifted its holdings in Enovix by 95.4% in the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after buying an additional 2,969 shares during the period. Finally, Bowman & Co S.C. acquired a new position in Enovix in the fourth quarter valued at approximately $73,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Price Performance

ENVX opened at $6.64 on Tuesday. Enovix has a one year low of $4.61 and a one year high of $16.49. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The company’s 50 day simple moving average is $5.58 and its 200-day simple moving average is $7.69. The stock has a market capitalization of $1.44 billion, a P/E ratio of -8.62 and a beta of 2.16.

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.