B. Riley Upgrades Enovix (NASDAQ:ENVX) to Strong-Buy

Enovix (NASDAQ:ENVX) was upgraded by equities research analysts at B. Riley to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports.

ENVX has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, April 25th. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Enovix presently has a consensus rating of “Buy” and a consensus target price of $18.33.

Enovix Price Performance

Shares of ENVX stock opened at $15.03 on Tuesday. The company has a market capitalization of $2.56 billion, a PE ratio of -11.22 and a beta of 1.95. The firm has a fifty day simple moving average of $9.97 and a 200-day simple moving average of $10.09. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. Enovix has a twelve month low of $5.70 and a twelve month high of $23.90.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Equities research analysts anticipate that Enovix will post -1.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Enovix news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

Large investors have recently made changes to their positions in the business. Beacon Capital Management LLC boosted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Able Wealth Management LLC bought a new position in shares of Enovix during the 4th quarter valued at about $34,000. Quest Partners LLC bought a new position in shares of Enovix during the 4th quarter valued at about $49,000. Voisard Asset Management Group Inc. bought a new position in shares of Enovix during the 4th quarter valued at about $50,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Enovix by 106.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,866 shares of the company’s stock valued at $111,000 after purchasing an additional 4,569 shares in the last quarter. Institutional investors 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.