Enovix (NASDAQ:ENVX) Coverage Initiated at Bank of America

Equities researchers at Bank of America assumed coverage on shares of Enovix (NASDAQ:ENVX) in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $6.00 price target on the stock. Bank of America‘s target price would indicate a potential upside of 21.46% from the stock’s previous close.

A number of other analysts also recently commented on ENVX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. TD Cowen reduced their target price on shares of Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group dropped their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Northland Securities set a $16.00 price objective on Enovix in a research report on Monday, November 17th. Finally, Craig Hallum reduced their price objective on Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Enovix has an average rating of “Hold” and a consensus target price of $13.46.

Enovix Price Performance

Shares of Enovix stock opened at $4.94 on Thursday. Enovix has a 52 week low of $4.61 and a 52 week high of $16.49. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The stock has a market cap of $1.07 billion, a PE ratio of -6.42 and a beta of 2.15. The company’s 50-day moving average price is $6.54 and its two-hundred day moving average price is $8.52.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Caitlin John LLC acquired a new stake in shares of Enovix during the 3rd quarter valued at $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Enovix in the fourth quarter worth $30,000. Parallel Advisors LLC raised its holdings in shares of Enovix by 51.9% during the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after acquiring an additional 1,342 shares in the last quarter. CWM LLC boosted its position in Enovix by 95.4% during the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Bowman & Co S.C. acquired a new stake in Enovix during the fourth quarter valued at $73,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.