Enovix (NASDAQ:ENVX) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Enovix (NASDAQ:ENVX) from a neutral rating to an underweight rating in a research note published on Wednesday, Marketbeat reports.

ENVX has been the topic of a number of other research reports. TD Cowen dropped their price objective on Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a report on Thursday, February 26th. Wells Fargo & Company set a $6.00 target price on Enovix in a report on Thursday, March 12th. Craig Hallum decreased their price target on Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. B. Riley Financial lowered their price target on shares of Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Finally, Canaccord Genuity Group cut their price objective on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Enovix presently has a consensus rating of “Hold” and a consensus target price of $14.05.

Enovix Trading Up 2.9%

NASDAQ:ENVX opened at $6.60 on Wednesday. Enovix has a 1 year low of $4.61 and a 1 year high of $16.49. The stock’s fifty day moving average price is $5.68 and its two-hundred day moving average price is $7.29. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The company has a market cap of $1.44 billion, a P/E ratio of -8.58 and a beta of 2.24.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jupiter Asset Management Ltd. bought a new stake in Enovix during the third quarter worth about $2,465,000. Granahan Investment Management LLC boosted its holdings in shares of Enovix by 17.5% in the 3rd quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company’s stock worth $17,444,000 after purchasing an additional 260,085 shares in the last quarter. DNB Asset Management AS increased its position in shares of Enovix by 378.6% during the 3rd quarter. DNB Asset Management AS now owns 210,748 shares of the company’s stock valued at $2,101,000 after purchasing an additional 166,712 shares during the last quarter. Blair William & Co. IL increased its position in shares of Enovix by 49.4% during the 3rd quarter. Blair William & Co. IL now owns 476,450 shares of the company’s stock valued at $4,750,000 after purchasing an additional 157,452 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Enovix by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company’s stock valued at $159,655,000 after buying an additional 175,599 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.