Cantor Fitzgerald Reaffirms “Overweight” Rating for Enovix (NASDAQ:ENVX)

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reaffirmed by Cantor Fitzgerald in a research report issued on Wednesday, Benzinga reports. They currently have a $30.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 158.40% from the stock’s previous close.

Several other research firms also recently commented on ENVX. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Craig Hallum lifted their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday. Finally, TD Cowen upped their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.67.

Enovix Price Performance

NASDAQ ENVX traded up $0.98 during trading hours on Wednesday, reaching $11.61. 8,708,346 shares of the stock traded hands, compared to its average volume of 5,479,742. The stock has a 50 day simple moving average of $10.08 and a two-hundred day simple moving average of $11.07. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. 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 company has a market cap of $2.05 billion, a price-to-earnings ratio of -7.17 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same quarter in the previous year, the business earned ($0.27) earnings per share. On average, analysts predict that Enovix will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 15.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Driehaus Capital Management LLC lifted its position in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after buying an additional 513,508 shares during the period. Old West Investment Management LLC lifted its holdings in shares of Enovix by 47.6% during the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares during the period. Finally, Seven Eight Capital LP lifted its holdings in shares of Enovix by 161.5% during the 1st quarter. Seven Eight Capital LP now owns 204,018 shares of the company’s stock valued at $1,634,000 after buying an additional 125,990 shares during the period. 50.92% of the stock is owned by institutional investors.

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.