Enovix Co. (NASDAQ:ENVX) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have earned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat.com reports. Two research 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. The average 1-year price objective among brokers that have covered the stock in the last year is $20.50.

ENVX has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Canaccord Genuity Group upped their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st.

Enovix Stock Down 0.7 %

Shares of NASDAQ ENVX opened at $9.08 on Thursday. The company has a market cap of $1.62 billion, a price-to-earnings ratio of -5.64 and a beta of 1.99. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The stock has a 50-day moving average price of $9.97 and a two-hundred day moving average price of $11.17.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the prior year, the company earned ($0.27) EPS. As a group, analysts forecast that Enovix will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Driehaus Capital Management LLC increased its stake in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Old West Investment Management LLC increased its position in Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares in the last quarter. Vanguard Group Inc. raised its stake in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares during the period. Seven Eight Capital LP boosted its holdings in Enovix by 161.5% in the first quarter. Seven Eight Capital LP now owns 204,018 shares of the company’s stock worth $1,634,000 after acquiring an additional 125,990 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Enovix in the second quarter valued at approximately $1,867,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.