B. Riley Lowers Enovix (NASDAQ:ENVX) Price Target to $12.00

Enovix (NASDAQ:ENVX - Free Report) had its price target reduced by B. Riley from $17.00 to $12.00 in a research note released on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

ENVX has been the subject of several other reports. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Benchmark dropped their target price on shares of 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. reduced their price objective on Enovix from $15.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, Craig Hallum lowered their price objective on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Enovix presently has a consensus rating of "Moderate Buy" and an average target price of $17.27.

Enovix Price Performance

NASDAQ:ENVX traded up $0.29 during mid-day trading on Tuesday, reaching $6.43. 2,002,787 shares of the stock were exchanged, compared to its average volume of 6,212,755. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The business has a fifty day moving average price of $7.30 and a 200 day moving average price of $9.38. Enovix has a 1-year low of $5.27 and a 1-year high of $18.68. The firm has a market capitalization of $1.23 billion, a PE ratio of -4.44 and a beta of 1.98.

Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Research analysts expect that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the company's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares of the company's stock, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.70% of the company's stock.

Institutional Trading of Enovix

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Fred Alger Management LLC raised its holdings in Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after purchasing an additional 1,250,300 shares during the period. Raymond James Financial Inc. bought a new position in shares of Enovix during the fourth quarter worth $3,484,000. Frontier Capital Management Co. LLC bought a new position in Enovix during the fourth quarter worth about $3,397,000. Finally, Geode Capital Management LLC increased its holdings in shares of Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

About Enovix

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.