B. Riley Financial Cuts Enovix (NASDAQ:ENVX) Price Target to $10.00

Key Points

• B. Riley cut Enovix's price target to $10.00 from $17.00 but kept a "buy" rating, a target that implies roughly a 97% upside from the stock's recent close.
• Other analysts have also trimmed targets (consensus average target now $14.95), leaving a mixed set of ratings: six Buys, three Holds and one Sell, and an overall consensus of Moderate Buy.
• Large institutions have been increasing positions (Vanguard, Millennium, Two Sigma, Barclays among them), owning about 50.92% of the stock, while Enovix continues to scale manufacturing of its 3D silicon‑anode lithium‑ion batteries.

Enovix (NASDAQ:ENVX - Get Free Report) had its price target decreased by equities research analysts at B. Riley Financial from $17.00 to $10.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's price objective would indicate a potential upside of 96.70% from the company's previous close.

Other analysts also recently issued reports about the company. TD Cowen cut their target price on Enovix from $15.00 to $7.50 and set a "hold" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on Enovix from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 12th. Northland Securities set a $16.00 price objective on Enovix in a report on Monday, November 17th. Oppenheimer reissued an "outperform" rating on shares of Enovix in a research report on Thursday. Finally, Cantor Fitzgerald reduced their price target on shares of Enovix from $30.00 to $25.00 and set an "overweight" rating for the company in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Enovix has a consensus rating of "Moderate Buy" and an average target price of $14.95.

Enovix Trading Down 3.5%

NASDAQ:ENVX opened at $5.08 on Monday. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -6.71 and a beta of 2.15. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90. The company's 50 day moving average price is $7.10 and its 200-day moving average price is $8.87. Enovix has a 52 week low of $5.03 and a 52 week high of $16.49.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Enovix by 10.9% during the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company's stock valued at $129,831,000 after purchasing an additional 1,747,145 shares in the last quarter. Millennium Management LLC raised its position in shares of Enovix by 1,038.9% during the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company's stock valued at $14,724,000 after purchasing an additional 1,347,200 shares during the period. Two Sigma Investments LP lifted its stake in shares of Enovix by 9,197.1% during the 3rd quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company's stock valued at $11,974,000 after buying an additional 1,188,079 shares in the last quarter. Barclays PLC boosted its holdings in Enovix by 263.1% in the 4th quarter. Barclays PLC now owns 1,551,941 shares of the company's stock worth $11,345,000 after buying an additional 1,124,480 shares during the period. Finally, Electron Capital Partners LLC increased its stake in Enovix by 13.8% in the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company's stock worth $80,143,000 after buying an additional 972,103 shares in the last quarter. Hedge funds and other institutional investors 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.

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