FY2024 EPS Estimates for Enovix Raised by Cantor Fitzgerald

Enovix Co. (NASDAQ:ENVX) – Investment analysts at Cantor Fitzgerald raised their FY2024 earnings estimates for shares of Enovix in a research report issued on Wednesday, October 30th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of ($1.17) for the year, up from their previous estimate of ($1.21). Cantor Fitzgerald has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.20) per share.

Other research analysts have also recently issued reports about the stock. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday. Canaccord Genuity Group lifted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. TD Cowen upped their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Craig Hallum lifted their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

NASDAQ:ENVX opened at $9.04 on Friday. The firm’s fifty day moving average price is $10.03 and its two-hundred day moving average price is $11.07. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company has a market cap of $1.59 billion, a P/E ratio of -5.61 and a beta of 1.98. Enovix has a one year low of $5.70 and a one year high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 96.23% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period in the previous year, the company posted ($0.27) EPS.

Insider Transactions at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. Blue Trust Inc. boosted its position in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC lifted 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 worth $37,000 after purchasing an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Enovix in the second quarter valued at $39,000. Beacon Capital Management LLC raised its position in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares during the last quarter. Finally, Voisard Asset Management Group Inc. grew its position in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after buying an additional 1,000 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.