Enovix Co. (NASDAQ:ENVX) Receives $20.50 Consensus Target Price from Brokerages

Enovix Co. (NASDAQ:ENVX - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eleven research firms that are currently covering the stock, Marketbeat.com reports. Two equities research 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.

Several research firms have recently weighed in on ENVX. Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Craig Hallum raised their price target on Enovix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Piper Sandler restated an "overweight" rating and issued a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th.

Enovix Stock Performance

NASDAQ:ENVX traded down $0.14 on Thursday, reaching $8.94. 4,953,664 shares of the company's stock were exchanged, compared to its average volume of 5,658,358. The stock has a fifty day simple moving average of $9.95 and a 200-day simple moving average of $11.15. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -5.68 and a beta of 1.99.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share 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 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 business earned ($0.27) earnings per share. As a group, sell-side analysts predict that Enovix will post -1.17 earnings per share for the current year.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company's stock, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 15.70% of the company's stock.

Institutional Investors Weigh In On Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC boosted its holdings in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock valued at $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Old West Investment Management LLC grew its holdings in Enovix by 47.6% in the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company's stock worth $12,915,000 after purchasing an additional 269,371 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company's stock valued at $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Seven Eight Capital LP boosted its position in shares of Enovix by 161.5% in the 1st quarter. Seven Eight Capital LP now owns 204,018 shares of the company's stock worth $1,634,000 after purchasing an additional 125,990 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Enovix in the 2nd quarter worth approximately $1,867,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.