Enovix (NASDAQ:ENVX) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Enovix (NASDAQ:ENVX) in a research report report published on Thursday morning, Benzinga reports. They currently have a $17.00 price target on the stock.

Several other research firms also recently weighed in on ENVX. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $15.00 and set a buy rating for the company in a research report on Thursday, May 2nd. Cantor Fitzgerald reaffirmed an overweight rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. William Blair reaffirmed an outperform rating on shares of Enovix in a research report on Thursday, May 2nd. B. Riley raised shares of Enovix to a strong-buy rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research report on Friday, April 26th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $18.33.

Enovix Stock Performance

ENVX opened at $15.69 on Thursday. The company has a 50-day moving average of $10.17 and a 200-day moving average of $10.12. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share 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 the consensus estimate 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, analysts forecast that Enovix will post -1.15 EPS for the current year.

Insider Buying and Selling at Enovix

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Beacon Capital Management LLC boosted its holdings in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Able Wealth Management LLC bought a new position in shares of Enovix in the fourth quarter valued at approximately $34,000. Quest Partners LLC bought a new position in shares of Enovix in the fourth quarter valued at approximately $49,000. Voisard Asset Management Group Inc. bought a new position in shares of Enovix in the fourth quarter valued at approximately $50,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Enovix by 106.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,866 shares of the company’s stock valued at $111,000 after acquiring an additional 4,569 shares in the last quarter. 50.92% of the stock is currently 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.