Enovix Co. (NASDAQ:ENVX) Receives Average Rating of "Moderate Buy" 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 company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $20.50.

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

Enovix Price Performance

Shares of NASDAQ:ENVX traded up $0.75 on Tuesday, hitting $11.47. The company's stock had a trading volume of 6,821,766 shares, compared to its average volume of 8,748,159. 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 company has a market capitalization of $2.04 billion, a PE ratio of -7.12 and a beta of 1.86. The company has a 50-day simple moving average of $10.06 and a 200 day simple moving average of $10.91. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for 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 period in the prior year, the company earned ($0.27) EPS. Sell-side analysts forecast that Enovix will post -1.17 EPS for the current fiscal year.

Insider Activity

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp increased its holdings in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock worth $27,000 after purchasing an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of Enovix by 6.2% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company's stock worth $228,000 after purchasing an additional 1,214 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Enovix by 6.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company's stock worth $202,000 after purchasing an additional 1,367 shares in the last quarter. Clear Creek Financial Management LLC increased its holdings in shares of Enovix by 3.0% in the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company's stock worth $450,000 after purchasing an additional 1,400 shares in the last quarter. Finally, LJI Wealth Management LLC increased its holdings in shares of Enovix by 2.1% in the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company's stock worth $690,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

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.