Enovix (NASDAQ:ENVX) Posts Earnings Results, Beats Expectations By $0.03 EPS

Enovix (NASDAQ:ENVX - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.03, Briefing.com reports. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the company earned ($0.27) earnings per share. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210--0.150 EPS.

Enovix Trading Down 6.8 %

ENVX stock traded down $0.78 during midday trading on Tuesday, hitting $10.63. 10,947,002 shares of the company's stock were exchanged, compared to its average volume of 5,462,763. The stock's fifty day moving average price is $10.07 and its 200-day moving average price is $11.05. Enovix has a one year low of $5.70 and a one year high of $18.68. The company has a market cap of $1.87 billion, a PE ratio of -6.90 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix 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 sale, the insider now owns 343,305 shares of the company's stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.70% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on ENVX shares. TD Cowen lifted their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, August 1st. Craig Hallum upped their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Tuesday, October 22nd. Piper Sandler reissued an "overweight" rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $21.67.

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.

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