Enovix Co. (NASDAQ:ENVX) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $20.50.

A number of equities analysts recently commented on ENVX shares. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $12.32 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a 50 day moving average price of $10.30 and a 200 day moving average price of $10.81. The stock has a market capitalization of $2.19 billion, a PE ratio of -7.65 and a beta of 1.86. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period last year, the business earned ($0.27) earnings per share. Analysts predict that Enovix will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC bought a new position in Enovix in the third quarter valued at about $27,000. Fifth Third Bancorp lifted its stake in Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Enovix in the second quarter valued at approximately $39,000. R Squared Ltd acquired a new position in shares of Enovix during the fourth quarter worth $64,000. Finally, Voisard Asset Management Group Inc. lifted its stake in shares of Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

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.