Cantor Fitzgerald Comments on Enovix Co.’s FY2024 Earnings (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) – Research analysts at Cantor Fitzgerald lowered their FY2024 EPS estimates for shares of Enovix in a report released on Thursday, April 25th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings of ($1.19) per share for the year, down from their previous forecast of ($1.18). Cantor Fitzgerald currently has a “Overweight” rating and a $30.00 target price on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.13) per share.

Other equities analysts have also recently issued research reports about the company. B. Riley dropped their price target on Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $27.14.

Enovix Stock Down 3.5 %

Shares of Enovix stock opened at $6.26 on Monday. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The firm has a market capitalization of $1.05 billion, a PE ratio of -4.09 and a beta of 1.62. The stock’s fifty day moving average is $7.96 and its 200-day moving average is $10.04.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 17.30% of the stock is owned by insiders.

Institutional Trading of Enovix

A number of institutional investors have recently bought and sold shares of ENVX. Allspring Global Investments Holdings LLC purchased a new stake in shares of Enovix during the 3rd quarter worth about $31,000. Beacon Capital Management LLC raised its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC acquired a new stake in Enovix in the third quarter valued at approximately $34,000. Able Wealth Management LLC bought a new stake in Enovix in the fourth quarter worth approximately $34,000. Finally, Quest Partners LLC bought a new stake in Enovix in the fourth quarter worth approximately $49,000. 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.