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

Shares of Enovix Co. (NASDAQ:ENVX) have been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.50.

A number of equities research analysts recently issued reports on the stock. Janney Montgomery Scott lowered shares of 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. Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday.

Enovix Price Performance

Shares of Enovix stock traded down $0.43 during trading hours on Thursday, reaching $10.76. 6,315,966 shares of the company’s stock were exchanged, compared to its average volume of 6,922,631. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a market capitalization of $1.91 billion, a P/E ratio of -6.67 and a beta of 1.87. The business has a fifty day moving average of $11.06 and a two-hundred day moving average of $10.29. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. As a group, research analysts predict that Enovix will post -1.16 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Several hedge funds have recently made changes to their positions in ENVX. Private Advisor Group LLC lifted its position in shares of Enovix by 23.6% during the third quarter. Private Advisor Group LLC now owns 99,900 shares of the company’s stock worth $933,000 after purchasing an additional 19,056 shares in the last quarter. Legacy Capital Group California Inc. raised its holdings in Enovix by 47.3% in the third quarter. Legacy Capital Group California Inc. now owns 28,022 shares of the company’s stock valued at $262,000 after acquiring an additional 8,998 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Enovix by 34.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 20,077 shares of the company’s stock valued at $188,000 after acquiring an additional 5,162 shares in the last quarter. Voisard Asset Management Group Inc. raised its holdings 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 acquiring an additional 2,000 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC raised its holdings in Enovix by 1.9% during the third quarter. Gladstone Institutional Advisory LLC now owns 189,115 shares of the company’s stock worth $1,766,000 after purchasing an additional 3,525 shares in the last quarter. 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.