Enovix (NASDAQ:ENVX) Upgraded to “Strong-Buy” by B. Riley

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

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

Enovix Trading Down 7.6 %

NASDAQ ENVX opened at $15.03 on Tuesday. The firm has a market cap of $2.56 billion, a P/E ratio of -11.22 and a beta of 1.95. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The stock’s 50-day moving average is $9.97 and its 200-day moving average is $10.09. Enovix has a one year low of $5.70 and a one year high of $23.90.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (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 firm had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Sell-side analysts anticipate that Enovix will post -1.15 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now directly owns 8,129 shares of the company’s stock, valued at $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC raised its holdings in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after acquiring an additional 910 shares in the last quarter. Beacon Capital Management LLC raised its holdings 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 worth $31,000 after buying an additional 1,000 shares in the last quarter. Insight Advisors LLC PA raised its holdings in shares of Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after buying an additional 1,370 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Enovix by 7.7% during the 3rd quarter. Scotia Capital Inc. now owns 19,680 shares of the company’s stock worth $247,000 after buying an additional 1,410 shares in the last quarter. Finally, tru Independence LLC raised its holdings in shares of Enovix by 0.6% during the 1st quarter. tru Independence LLC now owns 303,435 shares of the company’s stock worth $2,431,000 after buying an additional 1,712 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.