TD Cowen Cuts Enovix (NASDAQ:ENVX) Price Target to $7.00

Enovix (NASDAQ:ENVX) had its target price cut by investment analysts at TD Cowen from $7.50 to $7.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 3.98% from the stock’s previous close.

A number of other research firms also recently weighed in on ENVX. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. Canaccord Genuity Group decreased their price target on Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. JPMorgan Chase & Co. downgraded Enovix from a “neutral” rating to an “underweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company set a $6.00 price objective on shares of Enovix in a research report on Thursday, March 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research note on Friday, April 10th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.82.

Enovix Trading Up 4.6%

Shares of NASDAQ:ENVX opened at $7.29 on Thursday. The company has a market capitalization of $1.59 billion, a P/E ratio of -9.47 and a beta of 2.24. Enovix has a 1 year low of $4.61 and a 1 year high of $16.49. 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 business’s 50 day simple moving average is $5.78 and its 200 day simple moving average is $7.15.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock valued at $129,831,000 after buying an additional 1,747,145 shares in the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 13.8% during the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after acquiring an additional 972,103 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Enovix by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company’s stock worth $32,268,000 after acquiring an additional 253,906 shares during the last quarter. State Street Corp boosted its stake in shares of Enovix by 2.0% in the 4th quarter. State Street Corp now owns 3,959,029 shares of the company’s stock valued at $28,941,000 after purchasing an additional 77,079 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Enovix by 18.0% in the 4th quarter. Royal Bank of Canada now owns 2,525,268 shares of the company’s stock valued at $18,461,000 after purchasing an additional 385,983 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.