Enovix Co. (NASDAQ:ENVX) Given Average Recommendation of “Moderate Buy” by Brokerages

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

A number of equities analysts recently issued reports on ENVX shares. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st.

Enovix Price Performance

Shares of ENVX opened at $9.25 on Monday. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -5.75 and a beta of 1.99. The firm’s fifty day simple moving average is $10.05 and its 200-day simple moving average is $11.30. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last posted 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. The company 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 last year, the firm earned ($0.27) earnings per share. Equities analysts forecast that Enovix will post -1.17 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

Large investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its holdings in shares of Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after acquiring an additional 905 shares in the last quarter. Blue Trust Inc. boosted its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. boosted its holdings in Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after purchasing an additional 1,367 shares during the period. Finally, Clear Creek Financial Management LLC raised its stake in shares of Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after buying an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.