Enovix (NASDAQ:ENVX – Get Free Report) had its price target cut by stock analysts at Craig Hallum from $10.00 to $8.00 in a report released on Thursday. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price objective suggests a potential upside of 9.74% from the stock’s previous close.
A number of other brokerages have also recently issued reports on ENVX. TD Cowen dropped their target price on Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a report on Thursday, February 26th. Oppenheimer reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Canaccord Genuity Group lowered their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research note on Friday, April 10th. 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. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.82.
Check Out Our Latest Report on Enovix
Enovix Stock Performance
Institutional Trading of Enovix
Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Enovix by 10.9% during the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after buying an additional 1,747,145 shares in the last quarter. Millennium Management LLC increased its position in Enovix by 1,038.9% in the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock valued at $14,724,000 after acquiring an additional 1,347,200 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of Enovix by 9,197.1% in the third quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock worth $11,974,000 after acquiring an additional 1,188,079 shares during the last quarter. Barclays PLC raised its stake in shares of Enovix by 263.1% in the fourth quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock worth $11,345,000 after acquiring an additional 1,124,480 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its position in shares of Enovix by 13.8% during the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after purchasing an additional 972,103 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.
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.
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