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

Shares of Enovix Co. (NASDAQ:ENVX) have received a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $20.50.

A number of research firms have recently commented on ENVX. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective 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.

Enovix Price Performance

Shares of ENVX stock opened at $11.42 on Friday. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm’s 50 day moving average is $9.57 and its 200-day moving average is $11.18. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -7.09 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last issued 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 company had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter last year, the firm earned ($0.27) EPS. Sell-side analysts forecast that Enovix will post -1.17 EPS for the current fiscal year.

Insider Activity

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’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 sale, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in Enovix in the third quarter valued at $27,000. Strategic Investment Solutions Inc. IL bought a new position in Enovix during the second quarter worth $39,000. Voisard Asset Management Group Inc. increased its stake in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Enovix by 318.5% during 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 period. Finally, Headlands Technologies LLC bought a new position in shares of Enovix during the 2nd quarter worth about $97,000. Institutional investors and hedge funds 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.