Enovix Corporation (NASDAQ:ENVX) Given Average Recommendation of “Hold” by Analysts

Enovix Corporation (NASDAQ:ENVX) has been given a consensus rating of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $13.4583.

Several research firms recently issued reports on ENVX. Wells Fargo & Company set a $6.00 target price on shares of Enovix in a report on Thursday, March 12th. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. B. Riley Financial reduced their price objective on shares of Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Bank of America initiated coverage on shares of Enovix in a research report on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective on the stock. Finally, Craig Hallum lowered their target price on shares of Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th.

Enovix Stock Up 1.8%

NASDAQ ENVX opened at $5.06 on Friday. Enovix has a 52 week low of $4.61 and a 52 week high of $16.49. 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 company has a market capitalization of $1.10 billion, a P/E ratio of -6.57 and a beta of 2.16. The stock’s 50-day moving average price is $5.71 and its 200-day moving average price is $8.11.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Vanguard Group Inc. boosted its stake in Enovix by 10.9% in the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after purchasing an additional 1,747,145 shares during the period. Millennium Management LLC lifted its holdings in shares of Enovix by 1,038.9% in the third quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock worth $14,724,000 after buying an additional 1,347,200 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Enovix by 9,197.1% during the third quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock worth $11,974,000 after acquiring an additional 1,188,079 shares during the last quarter. Barclays PLC grew its stake in Enovix by 263.1% during the fourth quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock valued at $11,345,000 after acquiring an additional 1,124,480 shares in the last quarter. Finally, Electron Capital Partners LLC grew its stake in Enovix by 13.8% during the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after acquiring an additional 972,103 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

About Enovix

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.