Enovix Co. (NASDAQ:ENVX) Receives $20.30 Consensus Price Target from Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have earned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $19.30.

A number of equities analysts have commented on ENVX shares. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Finally, Benchmark decreased their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday.

Enovix Stock Performance

Shares of NASDAQ:ENVX opened at $6.16 on Friday. 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 company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -4.25 and a beta of 1.98. Enovix has a 12 month low of $5.27 and a 12 month high of $18.68. The firm’s 50-day moving average is $8.20 and its 200 day moving average is $9.73.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Research analysts predict that Enovix will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Fifth Third Bancorp increased its holdings in Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the period. Coppell Advisory Solutions LLC acquired a new stake in shares of Enovix in the fourth quarter worth $27,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the fourth quarter worth $43,000. Parallel Advisors LLC lifted its position in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after purchasing an additional 3,849 shares during the period. Finally, Hollencrest Capital Management boosted its holdings in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.