JPMorgan Chase & Co. Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 41.73% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. TD Securities reduced their price target on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday. Craig Hallum dropped their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. B. Riley reduced their target price on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Enovix Stock Performance

NASDAQ ENVX opened at $6.35 on Thursday. The company has a 50-day simple moving average of $7.24 and a two-hundred day simple moving average of $9.34. Enovix has a 12-month low of $5.27 and a 12-month high of $18.68. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -4.38 and a beta of 1.98. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last posted 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 business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. On average, equities analysts forecast that Enovix will post -1.01 EPS for the current year.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Coppell Advisory Solutions LLC bought a new position in shares of Enovix during the fourth quarter valued at $27,000. Fifth Third Bancorp grew its position in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Sava Infond d.o.o. purchased a new position in Enovix in the fourth quarter worth about $43,000. Hollencrest Capital Management raised its holdings in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of Enovix in the fourth quarter worth approximately $64,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.