Enovix (NASDAQ:ENVX) Price Target Lowered to $21.00 at Oppenheimer

Enovix (NASDAQ:ENVX) had its price objective lowered by stock analysts at Oppenheimer from $24.00 to $21.00 in a research note issued on Thursday,MarketScreener reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 236.54% from the stock’s current price.

ENVX has been the topic of a number of other research reports. JPMorgan Chase & Co. cut shares of Enovix from a “neutral” rating to an “underweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company set a $6.00 price target on Enovix in a research note on Thursday, March 12th. Craig Hallum cut their price target on Enovix from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Benchmark reduced their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Bank of America began coverage on Enovix in a report on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.64.

Enovix Stock Down 14.4%

NASDAQ ENVX traded down $1.05 on Thursday, hitting $6.24. 7,749,484 shares of the company were exchanged, compared to its average volume of 6,224,967. 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 company has a market cap of $1.36 billion, a PE ratio of -8.06 and a beta of 2.24. The stock has a fifty day moving average of $5.78 and a 200-day moving average of $7.15. Enovix has a 12 month low of $4.61 and a 12 month high of $16.49.

Hedge Funds Weigh In On Enovix

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Enovix by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,318 shares of the company’s stock valued at $722,000 after acquiring an additional 4,780 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Enovix by 10.4% during the first quarter. NewEdge Advisors LLC now owns 26,257 shares of the company’s stock worth $193,000 after acquiring an additional 2,481 shares during the period. Goldman Sachs Group Inc. boosted its position in Enovix by 65.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company’s stock worth $8,351,000 after purchasing an additional 449,934 shares during the last quarter. Caxton Associates LLP purchased a new position in Enovix in the first quarter worth $190,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Enovix by 18.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company’s stock valued at $2,628,000 after purchasing an additional 55,676 shares during the period. Institutional investors own 50.92% of the company’s stock.

Key Headlines Impacting Enovix

Here are the key news stories impacting Enovix this week:

• Positive Sentiment: Enovix reported Q1 EPS of -$0.14, slightly better than the consensus estimate of -$0.15, and said revenue rose 49.1% year over year. Article Title
• Positive Sentiment: The company said it began commercial production of its silicon-anode smart eyewear battery and continues advancing toward smartphone qualification completion, which could support longer-term growth. Article Title
• Neutral Sentiment: Enovix provided Q2 EPS guidance of -$0.17 to -$0.13 and revenue guidance of $8 million to $9 million, which was roughly in line with expectations but not strong enough to offset investor concerns. Article Title
• Negative Sentiment: Benchmark, Craig Hallum, and TD Cowen all lowered their price targets, with TD Cowen also cutting its rating to Hold, signaling more cautious views after the results. Article Title
• Negative Sentiment: Shares fell after the earnings release as the market reacted to weak forward guidance despite the headline earnings beat. Article Title

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.