Enovix (NASDAQ:ENVX) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Enovix (NASDAQ:ENVXGet Rating) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Enovix Corporation involved in the design and manufacture of 3D Silicon(TM) Lithium-ion batteries. The company’s initial goal is to provide designers of mobile devices. It also involved in developing 3D cell technology and production process for the electric vehicle and energy storage markets. Enovix Corporation, formerly known as Rodgers Silicon Valley Acquisition Corp., is based in FREMONT, Calif. “

Several other brokerages also recently issued reports on ENVX. Craig Hallum decreased their price target on Enovix from $50.00 to $35.00 and set a buy rating for the company in a report on Friday, March 4th. Cowen started coverage on Enovix in a report on Tuesday, January 4th. They set an outperform rating and a $32.00 price target for the company. Finally, Piper Sandler decreased their price target on Enovix from $39.00 to $35.00 in a report on Tuesday, January 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Buy and an average price target of $29.33.

Shares of NASDAQ:ENVX opened at $11.02 on Wednesday. Enovix has a twelve month low of $8.76 and a twelve month high of $39.48. The stock’s 50 day moving average is $12.97 and its 200-day moving average is $20.08.

Enovix (NASDAQ:ENVXGet Rating) last announced its quarterly earnings results on Thursday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.44). Equities analysts predict that Enovix will post -0.63 EPS for the current fiscal year.

In related news, Director J Daniel Mccranie acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The shares were acquired at an average price of $14.57 per share, with a total value of $291,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Harrold J. Rust acquired 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The shares were bought at an average cost of $14.50 per share, for a total transaction of $50,750.00. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC purchased a new stake in Enovix during the 1st quarter worth about $28,000. Kestra Advisory Services LLC lifted its holdings in Enovix by 31.3% during the 1st quarter. Kestra Advisory Services LLC now owns 12,600 shares of the company’s stock worth $180,000 after purchasing an additional 3,000 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Enovix by 33.9% in the 1st quarter. Victory Capital Management Inc. now owns 14,997 shares of the company’s stock valued at $136,000 after acquiring an additional 3,798 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Enovix by 30.4% in the 1st quarter. Commonwealth Equity Services LLC now owns 24,770 shares of the company’s stock valued at $353,000 after acquiring an additional 5,771 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Enovix by 50.6% in the 1st quarter. Arizona State Retirement System now owns 17,668 shares of the company’s stock valued at $252,000 after acquiring an additional 5,940 shares in the last quarter. 56.82% of the stock is currently owned by institutional investors and hedge funds.

About Enovix (Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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