Cantor Fitzgerald Reiterates “Overweight” Rating for Enovix (NASDAQ:ENVX)

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald in a report issued on Wednesday, Benzinga reports. They presently have a $30.00 price target on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 233.15% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. 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. Craig Hallum increased their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Trading Down 14.1 %

Shares of Enovix stock opened at $9.01 on Wednesday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -5.59 and a beta of 1.98. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average price is $10.06 and its 200-day moving average price is $11.05.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. During the same period last year, the firm posted ($0.27) earnings per share. On average, equities analysts expect that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The shares were 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 in the company, valued at $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 SEC, which is available at this link. 15.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Financial Enhancement Group LLC purchased a new position in Enovix during the third quarter valued at $936,000. Concurrent Investment Advisors LLC lifted its position in Enovix by 10.5% during the third quarter. Concurrent Investment Advisors LLC now owns 35,458 shares of the company’s stock valued at $331,000 after buying an additional 3,375 shares during the period. Old West Investment Management LLC lifted its position in Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after buying an additional 102,452 shares during the period. Sentry Investment Management LLC purchased a new position in Enovix during the third quarter valued at $120,000. Finally, Janney Montgomery Scott LLC lifted its position in Enovix by 9.2% during the third quarter. Janney Montgomery Scott LLC now owns 133,002 shares of the company’s stock valued at $1,242,000 after buying an additional 11,242 shares during the period. Hedge funds and other 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.