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

Enovix (NASDAQ:ENVX) had its target price reduced by equities researchers at Canaccord Genuity Group from $22.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 132.95% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 target price (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Wall Street Zen cut shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Oppenheimer set a $24.00 target price on shares of Enovix in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a research report on Friday, October 31st. Finally, 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. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Enovix currently has an average rating of “Hold” and a consensus price target of $17.89.

Enovix Stock Down 20.4%

Enovix stock traded down $2.31 during mid-day trading on Thursday, reaching $9.02. The stock had a trading volume of 21,779,068 shares, compared to its average volume of 6,903,617. The firm has a market capitalization of $1.77 billion, a PE ratio of -10.85 and a beta of 2.09. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The stock’s 50-day simple moving average is $10.82 and its 200-day simple moving average is $10.18. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The firm had revenue of $7.47 million during the quarter. On average, sell-side analysts forecast that Enovix will post -1.01 EPS for the current fiscal year.

Insider Activity

In other news, COO Ajay Marathe sold 120,000 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the completion of the transaction, the chief operating officer directly owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Electron Capital Partners LLC lifted its holdings in Enovix by 5.3% in the 2nd quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock worth $73,065,000 after buying an additional 353,530 shares during the period. Geode Capital Management LLC increased its stake in shares of Enovix by 1.4% during the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock valued at $41,122,000 after buying an additional 55,506 shares during the period. Driehaus Capital Management LLC raised its holdings in shares of Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after acquiring an additional 41,559 shares in the last quarter. Fred Alger Management LLC lifted its stake in Enovix by 21.5% in the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after acquiring an additional 394,532 shares during the period. Finally, CenterBook Partners LP boosted its holdings in Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after acquiring an additional 721,309 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.