Enovix’s (ENVX) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Enovix (NASDAQ:ENVX) in a research note published on Monday morning, Benzinga reports. They currently have a $36.00 target price on the stock.

Several other equities research analysts have also recently commented on ENVX. Craig Hallum raised their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, August 1st. Canaccord Genuity Group upped their target price on Enovix from $17.00 to $20.00 and gave the stock a buy rating in a report on Thursday, August 1st. Cantor Fitzgerald restated an overweight rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. B. Riley raised Enovix to a strong-buy rating in a research note on Tuesday, June 25th. Finally, William Blair reiterated an outperform rating on shares of Enovix in a report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Enovix presently has an average rating of Buy and an average target price of $21.33.

Enovix Stock Down 1.4 %

NASDAQ ENVX opened at $9.67 on Monday. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The stock has a market capitalization of $1.64 billion, a PE ratio of -7.22 and a beta of 2.04. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The business’s 50-day moving average is $13.51 and its 200 day moving average is $10.72.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Sell-side analysts forecast that Enovix will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the period. Able Wealth Management LLC purchased a new position in shares of Enovix during the fourth quarter valued at approximately $34,000. Quest Partners LLC bought a new position in Enovix during the fourth quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in Enovix in the fourth quarter worth approximately $50,000. Institutional investors own 50.92% of the company’s stock.

About Enovix

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.