Canaccord Genuity Group Cuts Enovix (NASDAQ:ENVX) Price Target to $21.00

Enovix (NASDAQ:ENVX) had its target price trimmed by Canaccord Genuity Group from $22.00 to $21.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on the company. B. Riley reiterated a “buy” rating and issued a $17.00 price target (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Oppenheimer set a $24.00 target price on Enovix in a report on Thursday. Cantor Fitzgerald lowered their price target on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 price objective (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Hold” and an average price target of $17.89.

Enovix Trading Up 5.9%

Shares of ENVX opened at $9.56 on Thursday. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The business has a 50-day moving average of $10.80 and a 200 day moving average of $10.23. The firm has a market cap of $2.06 billion, a P/E ratio of -11.80 and a beta of 2.09. The company has a debt-to-equity ratio of 1.74, a quick ratio of 4.11 and a current ratio of 9.72.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The business had revenue of $7.47 million for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%. As a group, research analysts forecast that Enovix will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 18,614 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total transaction of $241,982.00. Following the sale, the chief operating officer owned 1,002,684 shares in the company, valued at $13,034,892. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Enovix

Large investors have recently modified their holdings of the company. Stone House Investment Management LLC bought a new stake in Enovix in the 1st quarter worth approximately $37,000. AMG National Trust Bank bought a new stake in shares of Enovix in the 1st quarter worth approximately $75,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Enovix in the 3rd quarter valued at $80,000. Integrity Alliance LLC. bought a new position in shares of Enovix during the 1st quarter valued at $98,000. Finally, Ieq Capital LLC purchased a new position in Enovix in the 1st quarter worth $104,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.