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

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eleven analysts that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $20.30.

A number of equities research analysts have recently issued reports on the stock. Janney Montgomery Scott downgraded shares of 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. Benchmark reissued a "buy" rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price target on shares of Enovix in a research note on Thursday. Finally, Craig Hallum lowered their price objective on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday.

Enovix Stock Performance

Shares of Enovix stock traded down $0.90 during trading on Thursday, reaching $9.82. The company's stock had a trading volume of 6,789,151 shares, compared to its average volume of 7,141,517. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm has a market cap of $1.75 billion, a PE ratio of -6.77 and a beta of 1.87. The company has a 50-day moving average price of $11.15 and a two-hundred day moving average price of $10.29.

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Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. On average, analysts forecast that Enovix will post -1.01 EPS for the current year.

Insider Buying and Selling at Enovix

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

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Vanguard Group Inc. increased its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after buying an additional 1,250,300 shares during the period. Raymond James Financial Inc. acquired a new position in Enovix during the 4th quarter worth approximately $3,484,000. Frontier Capital Management Co. LLC purchased a new position in Enovix in the 4th quarter worth approximately $3,397,000. Finally, Geode Capital Management LLC grew its position in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Institutional investors and hedge funds own 50.92% 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.