Janney lifts Enovix Corporation [ENVX] price estimate. Who else is bullish?

Enovix Corporation [NASDAQ: ENVX] gained 10.34% on the last trading session, reaching $11.85 price per share at the time. The company report on November 7, 2022 that T.J. Rodgers Appointed Enovix Executive Chairman.

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Rodgers said, “Our board has by design several successful operating executives, who are committed to spend whatever time is required at Enovix to ensure the Company’s operational success. Our team has and will continue to put in significant extra effort until that task is completed, which it is not. In addition to me, the Enovix board contains Manny Hernandez, formerly the CFO of both Cypress and SunPower; Dan McCranie, formerly the EVP of Cypress Sales and Marketing, and Chairman of both Freescale Semiconductor and ON Semiconductor; and Greg Reichow, former Cypress and SunPower manufacturing executive who built and ran multiple SunPower and Tesla manufacturing plants. We are silicon and Moore’s Law operations people and comprehend the sea-change opportunity Enovix and its technology offer.”.

Enovix Corporation represents 152.52 million in outstanding shares, while the company has a total market value of $1.95 billion with the latest information. ENVX stock price has been found in the range of $10.7982 to $12.1396.

If compared to the average trading volume of 5.20M shares, ENVX reached a trading volume of 7829520 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Enovix Corporation [ENVX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ENVX shares is $33.45 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ENVX stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Janney have made an estimate for Enovix Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 04, 2022. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on September 28, 2022, representing the official price target for Enovix Corporation stock. Previously, the target price had yet another raise to $29, while Piper Sandler analysts kept a Overweight rating on ENVX stock. On August 22, 2022, analysts increased their price target for ENVX shares from 50 to 100.

The Average True Range (ATR) for Enovix Corporation is set at 1.79, with the Price to Sales ratio for ENVX stock in the period of the last 12 months amounting to 383.01. The Price to Book ratio for the last quarter was 4.22, with the Price to Cash per share for the same quarter was set at 2.33.

Trading performance analysis for ENVX stock

Enovix Corporation [ENVX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -37.20. With this latest performance, ENVX shares dropped by -37.40% in over the last four-week period, additionally plugging by 31.37% over the last 6 months – not to mention a drop of -59.91% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ENVX stock in for the last two-week period is set at 33.74, with the RSI for the last a single of trading hit 30.97, and the three-weeks RSI is set at 36.95 for Enovix Corporation [ENVX]. The present Moving Average for the last 50 days of trading for this stock 18.68, while it was recorded at 12.37 for the last single week of trading, and 14.50 for the last 200 days.

Enovix Corporation [ENVX]: A deeper dive into fundamental analysis

Return on Equity for this stock declined to -38.60, with Return on Assets sitting at -25.98.

Enovix Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 22.70 and a Current Ratio set at 22.80.

An analysis of insider ownership at Enovix Corporation [ENVX]

There are presently around $1,161 million, or 59.50% of ENVX stock, in the hands of institutional investors. The top three institutional holders of ENVX stocks are: ECLIPSE VENTURES, LLC with ownership of 17,583,258, which is approximately 0% of the company’s market cap and around 2.60% of the total institutional ownership; PARK WEST ASSET MANAGEMENT LLC, holding 14,724,426 shares of the stock with an approximate value of $174.48 million in ENVX stocks shares; and VANGUARD GROUP INC, currently with $119.94 million in ENVX stock with ownership of nearly 230.855% of the company’s market capitalization.

Positions in Enovix Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 124 institutional holders increased their position in Enovix Corporation [NASDAQ:ENVX] by around 25,393,351 shares. Additionally, 59 investors decreased positions by around 10,600,751 shares, while 25 investors held positions by with 61,946,728 shares. The mentioned changes placed institutional holdings at 97,940,830 shares, according to the latest SEC report filing. ENVX stock had 51 new institutional investments in for a total of 3,015,119 shares, while 20 institutional investors sold positions of 6,968,016 shares during the same period.


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