Enovix Co. (NASDAQ:ENVX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Enovix Co. (NASDAQ:ENVX) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $20.50.

Several research analysts recently weighed in on ENVX shares. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th.

Insider Buying and Selling at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in shares of Enovix in the 3rd quarter worth $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix during the second quarter worth about $39,000. Voisard Asset Management Group Inc. raised its position in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares during the last quarter. Quest Partners LLC boosted its holdings in Enovix by 318.5% in the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after purchasing an additional 6,294 shares during the last quarter. Finally, Secure Asset Management LLC acquired a new stake in Enovix during the third quarter worth about $97,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Stock Performance

NASDAQ ENVX opened at $10.72 on Tuesday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -6.66 and a beta of 1.86. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The stock has a fifty day simple moving average of $10.06 and a 200 day simple moving average of $10.91. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the business earned ($0.27) earnings per share. Sell-side analysts expect that Enovix will post -1.17 EPS for the current year.

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.