Enovix Corporation (NASDAQ:ENVX) Given Average Recommendation of "Hold" by Brokerages

Key Points

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Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) have earned an average rating of "Hold" from the eleven analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $13.4583.

A number of research analysts have recently weighed in on ENVX shares. Bank of America began coverage on Enovix in a report on Thursday, March 12th. They set a "neutral" rating and a $6.00 price target on the stock. Wells Fargo & Company set a $6.00 price objective on Enovix in a research report on Thursday, March 12th. Canaccord Genuity Group reduced their price objective on Enovix from $21.00 to $15.00 and set a "buy" rating for the company in a research 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. Finally, B. Riley Financial reduced their price objective on Enovix from $17.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, March 2nd.

Institutional Trading of Enovix

Institutional investors have recently bought and sold shares of the company. Jupiter Asset Management Ltd. acquired a new stake in Enovix during the third quarter valued at $2,465,000. Granahan Investment Management LLC boosted its position in Enovix by 17.5% during the third quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company's stock valued at $17,444,000 after purchasing an additional 260,085 shares during the last quarter. DNB Asset Management AS boosted its position in Enovix by 378.6% during the third quarter. DNB Asset Management AS now owns 210,748 shares of the company's stock valued at $2,101,000 after purchasing an additional 166,712 shares during the last quarter. Blair William & Co. IL boosted its position in Enovix by 49.4% during the third quarter. Blair William & Co. IL now owns 476,450 shares of the company's stock valued at $4,750,000 after purchasing an additional 157,452 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Enovix by 1.1% during the third quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company's stock valued at $159,655,000 after purchasing an additional 175,599 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Stock Performance

Shares of ENVX stock opened at $6.83 on Tuesday. Enovix has a 1-year low of $4.61 and a 1-year 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 company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -8.87 and a beta of 2.16. The stock's fifty day simple moving average is $5.54 and its 200-day simple moving average is $7.74.

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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