Enovix (NASDAQ:ENVX) Updates Q4 Earnings Guidance

Enovix (NASDAQ:ENVX) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of ($0.21)-($0.15) for the period, compared to the consensus earnings per share estimate of ($0.20). The company issued revenue guidance of $8-$10 million, compared to the consensus revenue estimate of $7.37 million. Enovix also updated its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Stock Performance

NASDAQ ENVX traded down $1.47 during trading hours on Thursday, reaching $9.01. The company’s stock had a trading volume of 29,605,543 shares, compared to its average volume of 5,623,950. The business has a 50-day simple moving average of $10.06 and a 200 day simple moving average of $11.05. The stock has a market cap of $1.59 billion, a PE ratio of -5.59 and a beta of 1.98. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. Equities research analysts predict that Enovix will post -1.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ENVX. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday. Canaccord Genuity Group raised their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is owned by insiders.

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.