Enovix Co. (NASDAQ:ENVX) Receives $17.27 Consensus Price Target from Brokerages

Enovix Co. (NASDAQ:ENVX - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eleven brokerages that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.27.

Several analysts have weighed in on ENVX shares. Craig Hallum cut their target price on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Benchmark lowered their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Finally, B. Riley lowered their price target on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th.

Enovix Stock Performance

Shares of ENVX traded up $0.52 during mid-day trading on Friday, reaching $8.45. 4,332,533 shares of the company's stock traded hands, compared to its average volume of 5,955,787. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business's 50-day moving average price is $6.92 and its 200-day moving average price is $8.96. The stock has a market capitalization of $1.62 billion, a P/E ratio of -5.83 and a beta of 1.99. Enovix has a 12 month low of $5.27 and a 12 month high of $18.68.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Hodges Capital Management Inc. grew its holdings in Enovix by 52.2% during the first quarter. Hodges Capital Management Inc. now owns 87,500 shares of the company's stock worth $642,000 after acquiring an additional 30,000 shares during the period. Rhumbline Advisers grew its holdings in Enovix by 7.1% during the first quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock worth $1,723,000 after acquiring an additional 15,615 shares during the period. Integrity Alliance LLC. acquired a new position in Enovix during the first quarter worth about $98,000. Bayforest Capital Ltd acquired a new position in Enovix during the first quarter worth about $385,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Enovix by 18.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company's stock worth $2,628,000 after purchasing an additional 55,676 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.