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

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

Several other research firms have also recently weighed in on ENVX. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $15.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Benchmark decreased their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Enovix has an average rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Price Performance

Shares of ENVX traded up $0.21 during trading hours on Tuesday, hitting $6.35. 4,878,839 shares of the company were exchanged, compared to its average volume of 6,122,003. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a market capitalization of $1.22 billion, a PE ratio of -4.38 and a beta of 1.98. The firm has a fifty day simple moving average of $7.24 and a 200-day simple moving average of $9.33. Enovix has a one year low of $5.27 and a one year high of $18.68.

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

Insider Buying and Selling

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm's stock in a transaction dated 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 directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ENVX. Fifth Third Bancorp grew its holdings in Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Hodges Capital Management Inc. boosted its holdings in shares of Enovix by 1.8% during the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company's stock worth $625,000 after buying an additional 1,000 shares during the period. Wealthcare Advisory Partners LLC grew its stake in Enovix by 6.2% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company's stock valued at $228,000 after buying an additional 1,214 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Enovix by 6.8% in the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock worth $214,000 after acquiring an additional 1,257 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Enovix by 6.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after acquiring an additional 1,336 shares during the period. 50.92% of the stock is owned by institutional investors.

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.