Enovix (NASDAQ:ENVX) Stock Rating Lowered by Janney Montgomery Scott

Enovix (NASDAQ:ENVX) was downgraded by investment analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report released on Thursday, Briefing.com reports.

ENVX has been the subject of several other research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday. Piper Sandler reissued an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Craig Hallum boosted their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.67.

Enovix Stock Performance

Enovix stock opened at $10.48 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The stock has a fifty day moving average of $10.08 and a two-hundred day moving average of $11.07. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -6.51 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The firm had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the previous year, the company posted ($0.27) EPS. On average, analysts anticipate that Enovix will post -1.2 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently made changes to their positions in ENVX. Vanguard Group Inc. boosted its holdings in shares of Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Enovix by 16.4% during the 1st quarter. Principal Financial Group Inc. now owns 18,645 shares of the company’s stock valued at $149,000 after purchasing an additional 2,633 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Enovix by 19.2% in the first quarter. Janney Montgomery Scott LLC now owns 116,746 shares of the company’s stock valued at $935,000 after buying an additional 18,767 shares during the period. Finally, Capstone Investment Advisors LLC bought a new position in Enovix during the first quarter valued at about $216,000. 50.92% of the stock is currently owned by institutional investors.

About Enovix

Enovix Corporation designs, develops, and manufactures 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.