Enovix (NASDAQ:ENVX) Price Target Cut to $25.00 by Analysts at Cantor Fitzgerald

Enovix (NASDAQ:ENVX) had its target price reduced by Cantor Fitzgerald from $30.00 to $25.00 in a research report released on Thursday morning, Marketbeat reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other research analysts have also commented on ENVX. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a report on Friday, October 31st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $12.00 target price (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Benchmark raised their price target on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Finally, Canaccord Genuity Group raised their price objective on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 4th. Five 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’s stock. Based on data from MarketBeat.com, Enovix has a consensus rating of “Hold” and an average price target of $17.89.

Enovix Trading Up 5.9%

Shares of ENVX stock traded up $0.53 during trading hours on Thursday, reaching $9.56. The company had a trading volume of 10,357,259 shares, compared to its average volume of 8,514,671. The company has a quick ratio of 4.11, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. The business has a fifty day simple moving average of $10.80 and a 200-day simple moving average of $10.17. Enovix has a 12 month low of $5.27 and a 12 month high of $16.49.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The firm 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%. Analysts anticipate that Enovix will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 120,000 shares of Enovix stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the transaction, the chief operating officer directly owned 1,027,259 shares of the company’s stock, valued at $12,337,380.59. The trade was a 10.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ENVX. Principal Financial Group Inc. raised its holdings in Enovix by 7.6% during the 3rd quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock valued at $126,000 after buying an additional 895 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Enovix by 1.1% in the second quarter. Franklin Resources Inc. now owns 96,239 shares of the company’s stock worth $995,000 after purchasing an additional 1,093 shares during the last quarter. tru Independence LLC grew its stake in shares of Enovix by 0.4% in the second quarter. tru Independence LLC now owns 295,690 shares of the company’s stock worth $3,057,000 after purchasing an additional 1,155 shares during the last quarter. Intellectus Partners LLC increased its holdings in Enovix by 1.2% during the 2nd quarter. Intellectus Partners LLC now owns 103,522 shares of the company’s stock valued at $1,070,000 after purchasing an additional 1,200 shares during the period. Finally, Teacher Retirement System of Texas raised its position in Enovix by 5.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 24,606 shares of the company’s stock valued at $254,000 after purchasing an additional 1,336 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

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.