JPMorgan Chase & Co. Lowers Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX) had its target price reduced by analysts at JPMorgan Chase & Co. from $18.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 31.12% from the company’s current price.

Several other equities research analysts also recently commented on ENVX. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Piper Sandler reiterated an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. TD Cowen increased their target price on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Craig Hallum lifted their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix has a consensus rating of “Buy” and a consensus target price of $21.67.

Enovix Price Performance

Shares of NASDAQ:ENVX traded down $0.02 during trading hours on Tuesday, hitting $11.44. 1,481,220 shares of the company’s stock traded hands, compared to its average volume of 5,452,136. The company’s fifty day simple moving average is $10.01 and its two-hundred day simple moving average is $10.92. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -7.14 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, equities analysts anticipate that Enovix will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Vanguard Group Inc. increased its position in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC lifted its holdings in Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Old West Investment Management LLC boosted its position in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after purchasing an additional 269,371 shares during the period. Institutional investors own 50.92% of the company’s stock.

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.