Enovix Co. (NASDAQ:ENVX) Given Average Recommendation of “Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have been assigned an average recommendation of “Buy” from the seven analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $18.33.

A number of equities analysts have issued reports on ENVX shares. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Thursday, June 27th. William Blair restated an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares during the last quarter. Beacon Capital Management LLC increased its holdings in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the last quarter. Able Wealth Management LLC purchased a new stake in Enovix during the fourth quarter valued at approximately $34,000. Quest Partners LLC purchased a new stake in Enovix during the fourth quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in Enovix during the fourth quarter valued at approximately $50,000. Institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $15.28 on Friday. The stock has a market cap of $2.60 billion, a PE ratio of -11.40 and a beta of 2.04. The company’s fifty day moving average is $11.07 and its 200 day moving average is $10.20. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last issued its earnings results 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 return on equity of 85.47% and a negative net margin of 1,448.90%. The business had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Research analysts anticipate that Enovix will post -1.15 earnings per share for the current year.

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.