Enovix Corporation (NASDAQ:ENVX) Stock Has Average Target Price of $10.77

Enovix Corporation (NASDAQ:ENVX) has received an average rating of “Moderate Buy” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $10.85.

Several brokerages recently issued reports on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price target on shares of Enovix in a research report on Thursday, August 13th. TD Cowen raised shares of Enovix to a “hold” rating in a research note on Monday, October 5th. Loop Capital raised shares of Enovix to a “strong-buy” rating in a research note on Monday, August 17th. Craig Hallum set a $7.00 target price on Enovix in a report on Thursday, August 13th. Finally, Wall Street Zen lowered Enovix from a “sell” rating to a “strong sell” rating in a report on Saturday, October 31st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC increased its position in shares of Enovix by 18.9% in the third quarter. HighTower Advisors LLC now owns 70,900 shares of the company’s stock worth $206,000 after purchasing an additional 11,285 shares during the period. Vista Capital Partners Inc. bought a new position in Enovix in the 3rd quarter valued at about $284,000. Fulcrum Asset Management LLP increased its holdings in Enovix by 69.8% in the 3rd quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company’s stock valued at $124,000 after buying an additional 18,523 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in shares of Enovix by 58.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 454,446 shares of the company’s stock valued at $1,318,000 after purchasing an additional 166,892 shares in the last quarter. Finally, Sowell Financial Services LLC lifted its holdings in shares of Enovix by 144.1% in the third quarter. Sowell Financial Services LLC now owns 128,995 shares of the company’s stock worth $374,000 after acquiring an additional 76,150 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Trading Down 4.2%

Shares of ENVX stock opened at $2.53 on Friday. Enovix has a 1 year low of $2.19 and a 1 year high of $9.19. The firm’s fifty day simple moving average is $2.85 and its 200 day simple moving average is $4.96. The firm has a market capitalization of $555.21 million, a P/E ratio of -3.12 and a beta of 2.34. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46.

Shares of Enovix are scheduled to split on the morning of Friday, November 13th. The 5-4 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Thursday, November 12th.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. The firm had revenue of $9.02 million during the quarter, compared to analysts’ expectations of $8.43 million. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) EPS. As a group, sell-side analysts predict that Enovix will post -0.79 EPS for the current year.

Enovix Company Profile

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.