Enovix Corporation (NASDAQ:ENVX) Given Consensus Recommendation of “Hold” by Analysts

Enovix Corporation (NASDAQ:ENVX) has earned a consensus rating of “Hold” from the eleven brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $13.4583.

A number of research firms recently weighed in on ENVX. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. Canaccord Genuity Group cut their price target on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 26th. TD Cowen reduced their price objective on Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a research report on Thursday, February 26th. Bank of America assumed coverage on Enovix in a report on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective on the stock. Finally, Oppenheimer restated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th.

Enovix Stock Performance

NASDAQ ENVX opened at $5.12 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -6.65 and a beta of 2.15. The company’s fifty day moving average is $5.99 and its two-hundred day moving average is $8.24. Enovix has a 52-week low of $4.61 and a 52-week high of $16.49.

Institutional Investors Weigh In On Enovix

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

Enovix Company Profile

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.