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

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued to investors on Thursday,Benzinga reports. They presently have a $30.00 price objective on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 173.50% from the stock’s current price.

ENVX has been the subject of several other reports. Janney Montgomery Scott downgraded 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. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two equities research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Down 2.0 %

Enovix stock traded down $0.22 during trading hours on Thursday, hitting $10.97. The company had a trading volume of 3,905,697 shares, compared to its average volume of 6,831,219. The firm’s fifty day moving average is $11.06 and its 200-day moving average is $10.29. The firm has a market capitalization of $1.95 billion, a P/E ratio of -6.73 and a beta of 1.87. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

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, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. On average, research analysts forecast that Enovix will post -1.16 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

Several large investors have recently made changes to their positions in ENVX. Vanguard Group Inc. grew its holdings in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC boosted its position in Enovix by 0.5% during the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after acquiring an additional 29,109 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Enovix by 1.5% in the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after purchasing an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after purchasing an additional 1,250,300 shares in the last quarter. Institutional investors 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.