Enovix Corporation (NASDAQ:ENVX) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) have been assigned an average rating of "Moderate Buy" from the eleven analysts that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $17.27.

A number of research firms have commented on ENVX. JPMorgan Chase & Co. decreased their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Benchmark decreased their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. TD Securities cut their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, B. Riley cut their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th.

Enovix Trading Down 6.1%

NASDAQ:ENVX traded down $0.64 during trading hours on Wednesday, reaching $9.89. 7,900,708 shares of the stock were exchanged, compared to its average volume of 5,783,535. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average of $7.72 and a two-hundred day moving average of $8.87. Enovix has a twelve month low of $5.27 and a twelve month high of $18.68. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of -7.67 and a beta of 2.00.

Institutional Trading of Enovix

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC increased its holdings in Enovix by 18.6% in the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after buying an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC increased its holdings in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after buying an additional 235,142 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in Enovix by 1.8% in the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after buying an additional 41,559 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in Enovix by 21.5% in the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after buying an additional 394,532 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

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.