TD Cowen analysts downgrades a Market perform rating for Enovix Corporation (ENVX)


Enovix Corporation’s recently made public that its President and CEO Talluri Rajendra K acquired Company’s shares for reported $19990.0 on Aug 24. In the deal valued at $13.94 per share,1,434 shares were bought. As a result of this transaction, Talluri Rajendra K now holds 2,018,901 shares worth roughly $ 28.47 million.

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Then, ATKINS BETSY S sold 36,000 shares, generating $585,000 in total proceeds. Upon selling the shares at $16.25, the Director now owns 159,369 shares.

Before that, ATKINS BETSY S sold 4,528 shares. Enovix Corporation shares valued at $68,011 were divested by the Director at a price of $15.02 per share. As a result of the transaction, ATKINS BETSY S now holds 195,369 shares, worth roughly $2.75 million.

TD Cowen downgraded its Enovix Corporation [ENVX] rating to a Market perform from a an Outperform in a research note published on Friday, July 21, 2023; the price target was increased to $20 from $19. PT values the company’s stock at a premium of 29.5 to its Friday closing price.

Price Performance Review of ENVX

On Friday, Enovix Corporation [NASDAQ:ENVX] saw its stock jump 2.32% to $14.10. On the same session, the stock had its day’s lowest price of $13.7573, but rose to a high of $14.285. Over the last five days, the stock has gained 1.22%. Enovix Corporation shares have risen nearly 13.34% since the year began. Nevertheless, the stocks have fallen -36.26% over the past one year. While a 52-week high of $26.30 was reached on 07/27/23, a 52-week low of $6.50 was recorded on 01/04/23. SMA at 50 days reached $17.41, while 200 days put it at $12.82. A total of 3.17 million shares were traded, compared to the trading of 3.07 million shares in the previous session.

Levels Of Support And Resistance For ENVX Stock

The 24-hour chart illustrates a support level at 13.81, which if violated will result in even more drops to 13.52. On the upside, there is a resistance level at 14.34. A further resistance level may holdings at 14.58. The Relative Strength Index (RSI) on the 14-day chart is 38.75, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.13, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 66.11%. Stochastics %K at 26.93% indicates the stock is a holding.

How much short interest is there in Enovix Corporation?

A steep rise in short interest was recorded in Enovix Corporation stocks on Aug 14, 2023, growing by 2.66 million shares to a total of 36.8 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 34.14 million shares. There was a rise of 7.23%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 26.78% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.95.

Enovix Corporation [ENVX] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 10,970,327 shares, or roughly 6.94% of the outstanding ENVX shares. In other words, the investor’s shares have risen by 40,126 from its previous 13-F filing of 10930201.0. Additionally, BlackRock Fund Advisors increased 23.92% of its stake after which the total value it holdings stand at $166,112,729, while Park West Asset Management LLC reduced -0.59% of its stake to hold $115.88 million in the firm. Over the last quarter, Goldman Sachs & Co. LLC purchased 2,789,378 shares of Enovix Corporation, while SSgA Funds Management, Inc. bought 473,011 shares. At present, Handelsbanken Fonder AB is holding 2,612,820 shares valued at $56.23 million. Geode Capital Management LLC owned 2,501,739 shares of the company at the time of its most recent 13F filing, worth $53.84 million.

According to FactSet, Enovix Corporation’s share price will average $31.42 in the next year, based on opinions of analysts polled by the firm. This is up nearly 81.42 percent from its previous closing price of $13.78. Analysts expect Enovix Corporation stock to reach the higher price of $100.00, while the lowest price estimate is $20.00. However, 12 analysts have rated ENVX stock as a Buy in their predictions for 2023.


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