FY2024 EPS Estimates for Enovix Boosted by Cantor Fitzgerald

Enovix Co. (NASDAQ:ENVX - Free Report) - Equities researchers at Cantor Fitzgerald raised their FY2024 EPS estimates for Enovix in a report released on Wednesday, October 30th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings of ($1.17) per share for the year, up from their prior estimate of ($1.21). Cantor Fitzgerald currently has a "Overweight" rating and a $30.00 target price on the stock. The consensus estimate for Enovix's current full-year earnings is ($1.20) per share.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 96.23%. The company had revenue of $4.30 million during the quarter, compared to analysts' expectations of $4.11 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share.

Several other research analysts have also recently weighed in on ENVX. Oppenheimer restated an "outperform" rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. Benchmark restated a "buy" rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday. Canaccord Genuity Group lifted their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Craig Hallum lifted their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. 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 report on Thursday. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Enovix currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

Enovix Trading Up 0.3 %

ENVX stock traded up $0.03 during trading on Friday, hitting $9.04. The company had a trading volume of 7,884,788 shares, compared to its average volume of 5,634,695. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $10.06 and a 200-day moving average price of $11.05. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -5.84 and a beta of 1.98.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company's stock worth $104,881,000 after buying an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company's stock valued at $11,518,000 after purchasing an additional 1,376,253 shares during the period. Masters Capital Management LLC raised its holdings in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company's stock valued at $10,814,000 after purchasing an additional 50,000 shares during the period. Finally, Old West Investment Management LLC raised its holdings in shares of Enovix by 12.3% in the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company's stock valued at $8,759,000 after purchasing an additional 102,452 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction on 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 approximately $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 15.70% of the stock is owned by company insiders.

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.