Benchmark Cuts Enovix (NASDAQ:ENVX) Price Target to $15.00

Enovix (NASDAQ:ENVX) had its price objective decreased by Benchmark from $25.00 to $15.00 in a research note released on Tuesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Craig Hallum reduced their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.30.

Enovix Trading Up 5.7 %

Shares of NASDAQ:ENVX opened at $6.16 on Tuesday. Enovix has a 1 year low of $5.27 and a 1 year high of $18.68. The firm has a fifty day moving average price of $8.20 and a 200 day moving average price of $9.73. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.18 billion, a PE ratio of -4.25 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortis Advisors LLC acquired a new stake in Enovix during the first quarter valued at approximately $90,000. Parkside Investments LLC acquired a new stake in Enovix in the 1st quarter valued at $1,671,000. Sonora Investment Management Group LLC grew its position in Enovix by 17.6% in the first quarter. Sonora Investment Management Group LLC now owns 324,449 shares of the company’s stock valued at $2,381,000 after acquiring an additional 48,548 shares during the period. Flagship Private Wealth LLC raised its stake in Enovix by 35.4% during the first quarter. Flagship Private Wealth LLC now owns 17,994 shares of the company’s stock worth $132,000 after acquiring an additional 4,700 shares in the last quarter. Finally, Intellectus Partners LLC lifted its holdings in shares of Enovix by 84.5% during the first quarter. Intellectus Partners LLC now owns 102,322 shares of the company’s stock valued at $751,000 after acquiring an additional 46,872 shares during the period. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.