Enovix Corporation (NASDAQ:ENVX) Receives $15.65 Consensus Price Target from Brokerages

Shares of Enovix Corporation (NASDAQ:ENVX) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $14.95.

A number of research analysts have commented on the company. Northland Securities set a $16.00 target price on Enovix in a research report on Monday, November 17th. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a report on Thursday, February 26th. Craig Hallum lowered their price target on Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Finally, B. Riley Financial dropped their price objective on Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 2nd.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ENVX. Caitong International Asset Management Co. Ltd bought a new position in shares of Enovix during the 4th quarter valued at $30,000. Virtu Financial LLC acquired a new stake in shares of Enovix in the 4th quarter valued at $848,000. Invesco Ltd. boosted its holdings in Enovix by 65.6% in the fourth quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock worth $10,873,000 after purchasing an additional 589,271 shares in the last quarter. Mackenzie Financial Corp bought a new stake in Enovix in the fourth quarter worth $77,000. Finally, NewEdge Advisors LLC increased its position in 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 buying an additional 3,012 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $4.85 on Monday. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -6.30 and a beta of 2.15. Enovix has a 1 year low of $4.84 and a 1 year high of $16.49. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The business has a fifty day simple moving average of $6.80 and a 200 day simple moving average of $8.71.

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.