Enovix (NASDAQ:ENVX) Shares Gap Down After Analyst Downgrade

Enovix Corporation (NASDAQ:ENVX)’s stock price gapped down before the market opened on Wednesday after JPMorgan Chase & Co. downgraded the stock from a neutral rating to an underweight rating. The stock had previously closed at $6.88, but opened at $6.35. Enovix shares last traded at $6.2590, with a volume of 2,077,394 shares traded.

A number of other research analysts have also recently commented on ENVX. Weiss Ratings restated a “sell (e+)” rating on shares of Enovix in a research note on Friday, April 10th. TD Cowen lowered their target price on Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a research note on Thursday, February 26th. Wells Fargo & Company set a $6.00 target price on Enovix in a research note on Thursday, March 12th. Canaccord Genuity Group lowered their target price on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Finally, B. Riley Financial lowered their target price on Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.05.

Institutional Investors Weigh In On Enovix

Large investors have recently modified their holdings of the stock. Caitlin John LLC acquired a new stake in shares of Enovix in the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Enovix during the 4th quarter valued at approximately $30,000. Parallel Advisors LLC grew its stake in Enovix by 51.9% during the 3rd 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 in the last quarter. CWM LLC grew its stake in Enovix by 95.4% during the 4th quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after purchasing an additional 2,969 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Enovix during the 1st quarter valued at approximately $60,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 9.4%

The business has a 50 day simple moving average of $5.65 and a two-hundred day simple moving average of $7.36. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -8.07 and a beta of 2.24.

About Enovix

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.