Craig Hallum Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price objective decreased by analysts at Craig Hallum from $20.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price target suggests a potential upside of 67.91% from the stock’s current price.

A number of other brokerages also recently weighed in on ENVX. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Enovix Trading Down 6.6 %

Shares of Enovix stock opened at $10.72 on Thursday. The company’s 50-day moving average price is $11.15 and its 200-day moving average price is $10.30. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -7.39 and a beta of 1.87. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. On average, equities analysts expect that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 15.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Coppell Advisory Solutions LLC purchased a new position in shares of Enovix in the fourth quarter worth $27,000. Fifth Third Bancorp increased its position in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the period. Prospera Private Wealth LLC purchased a new position in Enovix during the 3rd quarter valued at $27,000. Sava Infond d.o.o. purchased a new position in Enovix during the 4th quarter valued at $43,000. Finally, Hollencrest Capital Management increased its position in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

About Enovix

Enovix Corporation designs, develops, and manufactures 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.