Enovix (NASDAQ:ENVX – Get Rating) had its target price decreased by equities research analysts at B. Riley from $19.00 to $18.00 in a report issued on Wednesday, The Fly reports. B. Riley’s price target points to a potential upside of 48.51% from the stock’s current price.
A number of other research firms have also recently commented on ENVX. Janney Montgomery Scott initiated coverage on Enovix in a research report on Friday, November 4th. They set a “buy” rating and a $23.00 price objective for the company. EF Hutton Acquisition Co. I initiated coverage on shares of Enovix in a report on Friday, October 28th. They issued a “buy” rating and a $25.00 price objective on the stock. Cowen reduced their target price on shares of Enovix from $36.00 to $25.00 in a report on Wednesday, November 2nd. Cowen dropped their price target on shares of Enovix from $36.00 to $25.00 in a research note on Wednesday, November 2nd. Finally, Cantor Fitzgerald started coverage on Enovix in a research note on Wednesday, September 28th. They issued an “overweight” rating and a $25.00 price objective for the company. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $30.91.
Enovix Stock Performance
ENVX opened at $12.12 on Wednesday. The company’s 50-day simple moving average is $12.73 and its two-hundred day simple moving average is $15.02. The stock has a market capitalization of $1.90 billion, a P/E ratio of -8.24 and a beta of 1.45. Enovix has a 52-week low of $7.26 and a 52-week high of $27.84.
Enovix (NASDAQ:ENVX – Get Rating) last issued its quarterly earnings data on Tuesday, November 1st. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.55 million. Research analysts forecast that Enovix will post -0.77 EPS for the current fiscal year.
Insider Buying and Selling at Enovix
In other news, CEO Harrold J. Rust sold 2,000 shares of the company’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $18.77, for a total value of $37,540.00. Following the completion of the transaction, the chief executive officer now owns 1,365,531 shares of the company’s stock, valued at $25,631,016.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CTO Ashok Lahiri sold 5,000 shares of the firm’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $19.09, for a total transaction of $95,450.00. Following the completion of the transaction, the chief technology officer now directly owns 1,360,993 shares of the company’s stock, valued at $25,981,356.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Harrold J. Rust sold 2,000 shares of Enovix stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $18.77, for a total transaction of $37,540.00. Following the completion of the sale, the chief executive officer now owns 1,365,531 shares in the company, valued at $25,631,016.87. The disclosure for this sale can be found here. Insiders have sold a total of 39,000 shares of company stock valued at $715,250 over the last ninety days. 20.60% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Enovix by 10.3% in the third quarter. Vanguard Group Inc. now owns 11,160,113 shares of the company’s stock worth $204,621,000 after buying an additional 1,038,778 shares in the last quarter. Electron Capital Partners LLC grew its holdings in shares of Enovix by 2.5% in the first quarter. Electron Capital Partners LLC now owns 7,066,553 shares of the company’s stock valued at $100,840,000 after purchasing an additional 170,248 shares in the last quarter. Summit Partners Public Asset Management LLC increased its position in Enovix by 1.2% in the first quarter. Summit Partners Public Asset Management LLC now owns 3,582,986 shares of the company’s stock worth $51,129,000 after purchasing an additional 41,990 shares during the last quarter. Encompass Capital Advisors LLC raised its stake in Enovix by 113.5% during the second quarter. Encompass Capital Advisors LLC now owns 2,819,699 shares of the company’s stock valued at $25,124,000 after purchasing an additional 1,499,121 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its position in Enovix by 1.5% during the first quarter. Granahan Investment Management LLC now owns 2,524,087 shares of the company’s stock valued at $36,019,000 after purchasing an additional 37,078 shares during the last quarter. Institutional investors own 55.62% of the company’s stock.
Enovix Company Profile
Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.