Enovix Co. (NASDAQ:ENVX) Given Consensus Recommendation of “Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have been given a consensus recommendation of “Buy” by the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $18.33.

Several brokerages have issued reports on ENVX. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research note on Thursday, June 27th. Finally, Craig Hallum decreased their price objective on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Electron Capital Partners LLC grew its holdings in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after purchasing an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC grew its holdings in Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after purchasing an additional 55,157 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Up 3.4 %

ENVX opened at $17.22 on Friday. The firm has a market cap of $2.93 billion, a P/E ratio of -12.85 and a beta of 2.04. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The stock has a 50-day moving average of $11.68 and a 200 day moving average of $10.20.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. As a group, research analysts forecast that Enovix will post -1.15 EPS for the current year.

Enovix Company Profile

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.