Enovix Co. (NASDAQ:ENVX) Receives Average Rating of "Moderate Buy" from Analysts

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

ENVX has been the subject of several research analyst reports. 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 note on Thursday, October 31st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Benchmark reissued a "buy" rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Oppenheimer restated an "outperform" rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. cut their price objective on Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business's stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently modified their holdings of ENVX. Prospera Private Wealth LLC purchased a new stake in Enovix in the 3rd quarter valued at approximately $27,000. Blue Trust Inc. boosted its stake in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC grew its holdings in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company's stock worth $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Enovix during the second quarter worth $39,000. Finally, Voisard Asset Management Group Inc. raised its position in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock worth $65,000 after acquiring an additional 2,000 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Trading Up 10.4 %

Shares of ENVX stock traded up $0.96 during trading on Monday, hitting $10.21. 12,217,492 shares of the stock traded hands, compared to its average volume of 5,605,539. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The firm has a market capitalization of $1.82 billion, a P/E ratio of -6.74 and a beta of 1.99. The firm's fifty day moving average price is $10.05 and its 200-day moving average price is $11.32. 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 (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS 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 the consensus estimate 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 in the previous year, the business earned ($0.27) earnings per share. As a group, 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.