FY2024 EPS Estimates for Enovix Raised by Cantor Fitzgerald

Enovix Co. (NASDAQ:ENVX) – Investment analysts at Cantor Fitzgerald raised their FY2024 earnings per share (EPS) estimates for shares of Enovix in a research report issued on Wednesday, October 30th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will earn ($1.17) per share for the year, up from their previous forecast of ($1.21). Cantor Fitzgerald has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.20) per share.

Several other research firms have also commented on ENVX. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday. TD Cowen raised their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Canaccord Genuity Group raised their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Up 0.3 %

NASDAQ:ENVX opened at $9.04 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.84. The company’s fifty day moving average price is $10.03 and its 200-day moving average price is $11.10. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The firm has a market capitalization of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter in the previous year, the firm posted ($0.27) EPS.

Institutional Trading of Enovix

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares during the last quarter. Principal Financial Group Inc. grew its stake in Enovix by 16.4% during the 1st quarter. Principal Financial Group Inc. now owns 18,645 shares of the company’s stock valued at $149,000 after acquiring an additional 2,633 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Enovix by 19.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 116,746 shares of the company’s stock valued at $935,000 after acquiring an additional 18,767 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new position in Enovix in the 1st quarter worth approximately $216,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 15.70% 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.