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

Shares of Enovix Co. (NASDAQ:ENVX) have received a consensus rating of “Moderate Buy” from the eleven analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $20.30.

Several research analysts have recently weighed in on the company. Craig Hallum reduced their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th.

Enovix Trading Up 6.2 %

Shares of NASDAQ:ENVX opened at $8.45 on Monday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market capitalization of $1.62 billion, a PE ratio of -5.83 and a beta of 1.93. The business has a 50 day moving average of $10.17 and a two-hundred day moving average of $10.03. 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 announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. As a group, analysts forecast that Enovix will post -1.01 EPS for the current year.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

Several large investors have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. grew its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Fred Alger Management LLC grew its holdings in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after buying an additional 1,250,300 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Enovix in the 4th quarter valued at $3,484,000. Frontier Capital Management Co. LLC purchased a new stake in Enovix in the 4th quarter valued at $3,397,000. Finally, Geode Capital Management LLC grew its holdings in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.