Enovix Co. (NASDAQ:ENVX) Given Consensus Rating of "Moderate Buy" by Analysts

Enovix Co. (NASDAQ:ENVX - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eleven research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $20.50.

ENVX has been the topic of several research analyst reports. Benchmark restated a "buy" rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott lowered shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 target price for the company. in a research report on Thursday, October 31st.

Insider Activity

In related news, Director Betsy S. Atkins sold 75,000 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company's stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 15.70% of the company's stock.

Institutional Investors Weigh In On Enovix

Several institutional investors and hedge funds have recently bought and sold shares of ENVX. Driehaus Capital Management LLC raised its holdings in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Geode Capital Management LLC raised its holdings in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company's stock worth $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Enovix by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company's stock worth $11,479,000 after purchasing an additional 73,320 shares during the period. Stifel Financial Corp boosted its stake in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock valued at $8,875,000 after purchasing an additional 55,094 shares in the last quarter. Finally, Old West Investment Management LLC increased its position in shares of Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company's stock valued at $8,759,000 after buying an additional 102,452 shares during the period. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Price Performance

NASDAQ:ENVX traded up $0.21 during trading hours on Tuesday, hitting $12.32. The stock had a trading volume of 8,012,152 shares, compared to its average volume of 8,305,288. The company has a 50 day simple moving average of $10.23 and a two-hundred day simple moving average of $10.89. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -7.65 and a beta of 1.86. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix has a one year low of $5.70 and a one year high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to analyst estimates 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 quarter last year, the company earned ($0.27) earnings per share. Research 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.