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

Enovix Co. (NASDAQ:ENVX - Get Free Report) has been given a consensus recommendation of "Buy" by the seven analysts that are covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $19.17.

Several research analysts have recently commented on the company. B. Riley raised Enovix to a "strong-buy" rating in a report on Tuesday, June 25th. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 target price on shares of Enovix in a research report on Thursday, June 27th. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $12.00 and set an "overweight" rating for the company in a research note on Friday, April 26th. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They set a "buy" rating and a $25.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th.

Enovix Stock Performance

ENVX traded down $0.23 on Tuesday, hitting $14.10. The company's stock had a trading volume of 4,349,560 shares, compared to its average volume of 5,336,185. Enovix has a 12 month low of $5.70 and a 12 month high of $21.59. The firm has a market cap of $2.40 billion, a P/E ratio of -10.52 and a beta of 2.04. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The company's 50 day simple moving average is $13.76 and its 200-day simple moving average is $10.61.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The company had revenue of $5.27 million for the quarter, compared to analysts' expectations of $4.16 million. Analysts forecast that Enovix will post -1.14 EPS for the current year.

Insider Transactions at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the company's stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ENVX. Corient Private Wealth LLC grew its position in shares of Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company's stock worth $621,000 after buying an additional 910 shares during the last quarter. Blue Trust Inc. boosted its holdings in 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 acquiring an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. increased its position in Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company's stock valued at $77,000 after purchasing an additional 1,000 shares during the period. Insight Advisors LLC PA raised its holdings in Enovix by 3.2% in the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company's stock worth $555,000 after purchasing an additional 1,370 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company's stock worth $310,000 after purchasing an additional 1,434 shares during the period. 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.