B. Riley Cuts Enovix (NASDAQ:ENVX) Price Target to $16.00

Enovix (NASDAQ:ENVX) had its target price lowered by research analysts at B. Riley from $18.00 to $16.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s target price indicates a potential upside of 146.53% from the company’s previous close.

A number of other research firms have also commented on ENVX. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Finally, JPMorgan Chase & Co. dropped their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.14.

Enovix Trading Up 0.5 %

Shares of ENVX opened at $6.49 on Tuesday. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The business has a 50-day moving average of $8.07 and a 200 day moving average of $10.07. The firm has a market cap of $1.09 billion, a P/E ratio of -4.24 and a beta of 1.62. 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 earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. As a group, research analysts forecast that Enovix will post -1.13 EPS for the current year.

Insider Buying and Selling at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Allspring Global Investments Holdings LLC bought a new position in shares of Enovix in the third quarter worth about $31,000. Beacon Capital Management LLC lifted its position in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC bought a new position in shares of Enovix during the 3rd quarter valued at approximately $34,000. Able Wealth Management LLC purchased a new position in shares of Enovix in the fourth quarter valued at $34,000. Finally, Quest Partners LLC bought a new position in Enovix during the fourth quarter valued at $49,000. Institutional investors 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.