Enovix (NASDAQ:ENVX) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. cut shares of Enovix (NASDAQ:ENVX) from a neutral rating to an underweight rating in a research report sent to investors on Wednesday, MarketBeat.com reports.

ENVX has been the subject of a number of other research reports. Oppenheimer reissued an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Craig Hallum lowered their target price on shares of Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. B. Riley Financial lowered their target price 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research note on Friday, April 10th. Finally, Canaccord Genuity Group lowered their target price on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Enovix presently has an average rating of “Hold” and an average target price of $14.05.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $6.69 on Wednesday. Enovix has a twelve month low of $4.61 and a twelve month high of $16.49. The firm has a fifty day simple moving average of $5.67 and a 200 day simple moving average of $7.32. The company has a market capitalization of $1.46 billion, a PE ratio of -8.69 and a beta of 2.24. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wealthfront Advisers LLC increased its position in shares of Enovix by 27.8% during the first quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company’s stock worth $71,000 after acquiring an additional 3,001 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Enovix by 8.7% during the first quarter. Bank of New York Mellon Corp now owns 557,591 shares of the company’s stock worth $2,888,000 after acquiring an additional 44,436 shares in the last quarter. Sanctuary Advisors LLC increased its position in shares of Enovix by 82.0% during the first quarter. Sanctuary Advisors LLC now owns 164,744 shares of the company’s stock worth $853,000 after acquiring an additional 74,217 shares in the last quarter. Calamos Advisors LLC bought a new stake in shares of Enovix during the first quarter worth about $60,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Enovix during the first quarter worth about $72,000. 50.92% of the stock is owned by institutional investors.

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.