Canaccord Genuity Group Raises Enovix (NASDAQ:ENVX) Price Target to $22.00

Enovix (NASDAQ:ENVX) had its price objective upped by research analysts at Canaccord Genuity Group from $20.00 to $22.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 95.21% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Craig Hallum restated a “buy” rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 target price (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. TD Cowen upgraded Enovix to a “hold” rating and boosted their target price for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Wall Street Zen downgraded Enovix from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, B. Riley reaffirmed a “buy” rating and issued a $17.00 price target (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Enovix presently has an average rating of “Hold” and a consensus price target of $18.90.

Enovix Stock Performance

Shares of ENVX stock opened at $11.27 on Monday. Enovix has a 1-year low of $5.27 and a 1-year high of $16.49. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -13.42 and a beta of 2.11. The stock’s fifty day simple moving average is $11.12 and its 200-day simple moving average is $9.37.

Enovix (NASDAQ:ENVX) last issued its earnings results on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The firm had revenue of $7.50 million for the quarter, compared to the consensus estimate of $5.48 million. During the same quarter in the previous year, the company posted ($0.14) earnings per share. The business’s quarterly revenue was up 98.2% compared to the same quarter last year. On average, sell-side analysts predict that Enovix will post -1.01 earnings per share for the current fiscal year.

Enovix declared that its board has authorized a stock repurchase program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC lifted its position in shares of Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock worth $49,272,000 after purchasing an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares during the last quarter. Driehaus Capital Management LLC lifted its position in shares of Enovix by 1.8% during the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock worth $17,055,000 after purchasing an additional 41,559 shares during the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after purchasing an additional 394,532 shares during the last quarter. Institutional investors and hedge funds 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.