Enovix (NASDAQ:ENVX) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Enovix (NASDAQ:ENVX) in a report released on Thursday morning, Benzinga reports. The firm currently has a $30.00 price target on the stock.

Separately, Canaccord Genuity Group reiterated a buy rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $30.00.

Enovix Price Performance

Enovix stock opened at $5.84 on Thursday. The firm has a 50-day moving average of $8.30 and a 200-day moving average of $10.13. Enovix has a one year low of $5.70 and a one year high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The business had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. On average, equities analysts anticipate that Enovix will post -1.13 earnings per share for the current year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ENVX. Electron Capital Partners LLC raised its holdings in Enovix by 188.0% in the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock valued at $33,871,000 after acquiring an additional 1,761,834 shares during the period. Vanguard Group Inc. increased its holdings in shares of Enovix by 9.5% during the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the period. Wellington Management Group LLP bought a new position in shares of Enovix during the third quarter worth approximately $7,290,000. Sora Investors LLC bought a new position in shares of Enovix during the third quarter worth approximately $3,765,000. Finally, tru Independence LLC bought a new position in shares of Enovix during the third quarter worth approximately $3,745,000. 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.