Enovix (NASDAQ:ENVX) Rating Lowered to "Underweight" at JPMorgan Chase & Co.

Enovix (NASDAQ:ENVX - Get Free Report) was downgraded by JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a report issued on Wednesday, Marketbeat reports.

Several other research firms have also recently commented on ENVX. B. Riley Financial cut their price target on Enovix from $17.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Oppenheimer reiterated an "outperform" rating on shares of Enovix in a research note on Thursday, February 26th. TD Cowen cut their price target on Enovix from $15.00 to $7.50 and set a "hold" rating on the stock in a research note on Thursday, February 26th. Canaccord Genuity Group cut their price target on Enovix from $21.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Enovix in a research note on Friday, April 10th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Enovix presently has a consensus rating of "Hold" and an average price target of $14.05.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $6.88 on Wednesday. Enovix has a 1-year low of $4.61 and a 1-year high of $16.49. The business has a 50-day moving average of $5.65 and a 200-day moving average of $7.36. The company has a debt-to-equity ratio of 1.90, a current ratio of 8.34 and a quick ratio of 8.13. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -8.94 and a beta of 2.24.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently bought and sold shares of the company. Caitlin John LLC acquired a new stake in Enovix during the third quarter valued at approximately $27,000. Parallel Advisors LLC grew its holdings in shares of Enovix by 51.9% during the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company's stock valued at $39,000 after purchasing an additional 1,342 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Enovix during the fourth quarter valued at approximately $30,000. CWM LLC grew its holdings in shares of Enovix by 95.4% during the fourth quarter. CWM LLC now owns 6,081 shares of the company's stock valued at $44,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Stone House Investment Management LLC grew its holdings in shares of Enovix by 56.4% during the third quarter. Stone House Investment Management LLC now owns 7,922 shares of the company's stock valued at $79,000 after purchasing an additional 2,857 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Company Profile

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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