Enovix (NASDAQ:ENVX) Given New $12.00 Price Target at JPMorgan Chase & Co.

Enovix (NASDAQ:ENVX) had its target price cut by stock analysts at JPMorgan Chase & Co. from $18.00 to $12.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 85.76% from the company’s current price.

ENVX has been the topic of a number of other reports. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Enovix has a consensus rating of “Moderate Buy” and an average price target of $27.43.

Enovix Price Performance

Enovix stock opened at $6.46 on Friday. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $8.18 and its 200 day simple moving average is $10.10.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, equities analysts predict that Enovix will post -1.13 EPS for the current year.

Insider Activity

In other news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in Enovix during the 3rd quarter worth approximately $31,000. Beacon Capital Management LLC increased its position in Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC acquired a new stake in Enovix during the 3rd quarter worth approximately $34,000. Able Wealth Management LLC acquired a new stake in Enovix during the 4th quarter worth approximately $34,000. Finally, Quest Partners LLC acquired a new stake in Enovix during the 4th quarter worth approximately $49,000. Institutional investors and hedge funds 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.