Enovix (NASDAQ:ENVX) Now Covered by Analysts at Bank of America

Bank of America initiated coverage on shares of Enovix (NASDAQ:ENVX) in a research report released on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $6.00 price objective on the stock.

Other analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Northland Securities set a $16.00 target price on Enovix in a report on Monday, November 17th. Canaccord Genuity Group cut their target price on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. JPMorgan Chase & Co. decreased their price target on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Finally, TD Cowen dropped their price objective on Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a research note on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.46.

Enovix Stock Performance

Shares of ENVX opened at $4.92 on Thursday. The firm has a market capitalization of $1.07 billion, a PE ratio of -6.39 and a beta of 2.15. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90. The firm has a 50-day moving average price of $6.60 and a 200 day moving average price of $8.56. Enovix has a 52-week low of $4.61 and a 52-week high of $16.49.

Institutional Trading of Enovix

A number of large investors have recently added to or reduced their stakes in ENVX. Caitong International Asset Management Co. Ltd acquired a new position in Enovix in the fourth quarter worth approximately $30,000. Virtu Financial LLC bought a new stake in shares of Enovix during the 4th quarter worth $848,000. Invesco Ltd. boosted its stake in shares of Enovix by 65.6% during the 4th quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock worth $10,873,000 after acquiring an additional 589,271 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Enovix in the 4th quarter worth $77,000. Finally, NewEdge Advisors LLC raised its position in shares of Enovix by 8.2% during the fourth quarter. NewEdge Advisors LLC now owns 39,607 shares of the company’s stock worth $290,000 after purchasing an additional 3,012 shares during the period. 50.92% of the stock is currently owned by institutional investors.

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.