Bank of America Initiates Coverage on Enovix (NASDAQ:ENVX)

Key Points

• Bank of America initiated coverage on Enovix with a neutral rating and a $6.00 price target, implying roughly a 19.8% upside from the stock's current level.
• Analysts are mixed: the consensus is an average Hold rating with an average price target of $14.14, but individual targets and ratings range widely from Buy to Sell.
• Enovix (ENVX) trades near $5.01 with a $1.09B market cap, a negative PE, unusually high liquidity metrics (quick ratio 8.13), and is scaling production of its 3D silicon-anode lithium-ion batteries.

Investment analysts at Bank of America started coverage on shares of Enovix (NASDAQ:ENVX - Get Free Report) in a research note issued to investors on Thursday,Benzinga reports. The brokerage set a "neutral" rating and a $6.00 price target on the stock. Bank of America's price target points to a potential upside of 19.76% from the company's current price.

ENVX has been the subject of several other reports. Oppenheimer restated an "outperform" rating on shares of Enovix in a research note on Thursday, February 26th. Northland Securities set a $16.00 price target on Enovix in a report on Monday, November 17th. TD Cowen reduced their price target on Enovix from $15.00 to $7.50 and set a "hold" rating for the company in a research report on Thursday, February 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Enovix in a research note on Monday, December 29th. Finally, Canaccord Genuity Group cut their price objective on Enovix from $21.00 to $15.00 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $14.14.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $5.01 on Thursday. 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 stock has a market capitalization of $1.09 billion, a PE ratio of -6.51 and a beta of 2.15. The firm's 50 day moving average price is $6.65 and its 200-day moving average price is $8.59. Enovix has a twelve month low of $4.61 and a twelve month high of $16.49.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Vanguard Group Inc. raised its stake in Enovix by 10.9% during the 4th 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 during the period. Electron Capital Partners LLC boosted 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 purchasing an additional 972,103 shares during the period. Geode Capital Management LLC grew its holdings in Enovix by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company's stock valued at $32,268,000 after buying an additional 253,906 shares in the last quarter. State Street Corp raised its position in shares of Enovix by 2.0% during the fourth quarter. State Street Corp now owns 3,959,029 shares of the company's stock valued at $28,941,000 after buying an additional 77,079 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Enovix by 18.0% during the fourth quarter. Royal Bank of Canada now owns 2,525,268 shares of the company's stock valued at $18,461,000 after buying an additional 385,983 shares during the last quarter. 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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