B. Riley Financial Has Lowered Expectations for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price objective cut by analysts at B. Riley Financial from $17.00 to $10.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 97.24% from the company’s previous close.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. lowered their target price on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Oppenheimer restated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. Canaccord Genuity Group dropped their target price on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Finally, TD Cowen lowered their price target on shares of Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a research report on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.95.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $5.07 on Monday. The company has a market cap of $1.10 billion, a PE ratio of -6.58 and a beta of 2.15. Enovix has a fifty-two week low of $5.03 and a fifty-two week high of $16.49. The firm has a 50-day simple moving average of $6.98 and a 200 day simple moving average of $8.80. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in shares of Enovix by 7.6% during the third quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock valued at $126,000 after purchasing an additional 895 shares in the last quarter. Franklin Resources Inc. increased its stake in Enovix by 1.1% during the 2nd quarter. Franklin Resources Inc. now owns 96,239 shares of the company’s stock valued at $995,000 after buying an additional 1,093 shares during the period. Intellectus Partners LLC raised its position in shares of Enovix by 1.2% during the 2nd quarter. Intellectus Partners LLC now owns 103,522 shares of the company’s stock worth $1,070,000 after buying an additional 1,200 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Enovix by 2.7% in the 3rd quarter. Private Advisor Group LLC now owns 46,519 shares of the company’s stock worth $464,000 after acquiring an additional 1,242 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in shares of Enovix by 5.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 24,606 shares of the company’s stock worth $254,000 after acquiring an additional 1,336 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.