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

Enovix Co. (NASDAQ:ENVX) has earned a consensus recommendation of “Moderate Buy” from the eleven analysts that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $20.50.

A number of research analysts have recently weighed in on the company. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. TD Cowen boosted their target price on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th.

Insiders Place Their Bets

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several large investors have recently made changes to their positions in the business. Intech Investment Management LLC acquired a new position in shares of Enovix during the 3rd quarter worth about $394,000. Prospera Private Wealth LLC acquired a new position in shares of Enovix during the 3rd quarter worth about $27,000. Quest Partners LLC lifted its position in shares of Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the last quarter. S&CO Inc. lifted its position in shares of Enovix by 42.9% during the 3rd quarter. S&CO Inc. now owns 20,000 shares of the company’s stock worth $186,000 after purchasing an additional 6,000 shares during the last quarter. Finally, LJI Wealth Management LLC lifted its position in shares of Enovix by 2.1% during the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company’s stock worth $690,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $9.99 on Thursday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -6.20 and a beta of 1.99. The stock’s fifty day simple moving average is $9.94 and its 200 day simple moving average is $11.26. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period in the previous year, the firm posted ($0.27) EPS. As a group, sell-side analysts forecast that Enovix will post -1.17 earnings per share for the current fiscal year.

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.