Craig Hallum Lowers Enovix (NASDAQ:ENVX) Price Target to $18.00

Enovix (NASDAQ:ENVX) had its price objective decreased by Craig Hallum from $20.00 to $18.00 in a research note published on Thursday,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

ENVX has been the subject of several other reports. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday. Finally, Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.30.

Enovix Trading Up 2.5 %

ENVX stock opened at $11.47 on Thursday. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The business’s 50 day moving average price is $11.11 and its two-hundred day moving average price is $10.30. 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 (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Sell-side analysts forecast that Enovix will post -1.01 EPS for the current year.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lpwm LLC purchased a new stake in Enovix during the 4th quarter valued at $549,000. Oppenheimer & Co. Inc. increased its position in Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after acquiring an additional 93,303 shares during the last quarter. Stifel Financial Corp increased its position in Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after acquiring an additional 55,094 shares during the last quarter. Register Financial Advisors LLC lifted its holdings in Enovix by 172.8% in the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock valued at $1,901,000 after acquiring an additional 110,750 shares during the period. Finally, Sonora Investment Management Group LLC boosted its position in Enovix by 10.1% in the fourth quarter. Sonora Investment Management Group LLC now owns 275,901 shares of the company’s stock worth $2,999,000 after purchasing an additional 25,271 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.