Enovix (ENVX) to Release Earnings on Tuesday

Enovix (NASDAQ:ENVX) will be posting its quarterly earnings results after the market closes on Tuesday, October 29th. Analysts expect Enovix to post earnings of ($0.20) per share for the quarter. Enovix has set its Q3 guidance at $(0.23)-(0.17) EPS and its Q3 2024 guidance at -0.360–0.300 EPS.Individual that are interested in participating in the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. On average, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $10.41 on Friday. 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 12 month low of $5.70 and a 12 month high of $18.68. The stock has a 50 day moving average of $10.05 and a 200-day moving average of $10.99. The company has a market capitalization of $1.77 billion, a P/E ratio of -7.77 and a beta of 1.98.

Wall Street Analyst Weigh In

ENVX has been the subject of several research analyst reports. TD Cowen lifted their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. 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 research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group boosted their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $21.67.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction 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 completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.30% 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.