Craig Hallum Trims Enovix (NASDAQ:ENVX) Target Price to $15.00

Enovix (NASDAQ:ENVX) had its price target dropped by Craig Hallum from $20.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price indicates a potential upside of 48.66% from the stock’s current price.

Several other analysts have also recently commented on ENVX. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. B. Riley reduced their target price on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average price target of $25.29.

Enovix Price Performance

Shares of Enovix stock traded up $0.62 during midday trading on Thursday, hitting $10.09. 11,963,656 shares of the company were exchanged, compared to its average volume of 5,634,649. The firm has a 50 day simple moving average of $7.88 and a 200-day simple moving average of $10.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The firm has a market cap of $1.71 billion, a P/E ratio of -7.53 and a beta of 1.70. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. Research analysts forecast that Enovix will post -1.13 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Enovix in the third quarter worth about $31,000. Beacon Capital Management LLC increased its stake in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC acquired a new stake in Enovix during the 3rd quarter worth approximately $34,000. Able Wealth Management LLC bought a new position in Enovix in the fourth quarter valued at approximately $34,000. Finally, Quest Partners LLC bought a new stake in shares of Enovix during the fourth quarter worth $49,000. 50.92% of the stock is currently owned by institutional investors.

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.