Enovix Co. (NASDAQ:ENVX) Receives Average Rating of “Moderate Buy” from Brokerages

Enovix Co. (NASDAQ:ENVX) has received a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat reports. Two equities 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 target price among brokers that have updated their coverage on the stock in the last year is $20.50.

Several equities analysts have weighed in on the company. TD Cowen raised their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a report on Monday, August 5th.

Enovix Stock Down 0.7 %

Shares of NASDAQ ENVX opened at $9.08 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a 50-day moving average price of $9.97 and a 200-day moving average price of $11.17. The stock has a market capitalization of $1.62 billion, a P/E ratio of -5.64 and a beta of 1.99. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period in the previous year, the company posted ($0.27) EPS. On average, equities research analysts forecast that Enovix will post -1.17 EPS for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 15.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Masters Capital Management LLC boosted its holdings in shares of Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after acquiring an additional 50,000 shares during the period. Old West Investment Management LLC grew its position in shares of Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Enovix by 13.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after purchasing an additional 69,098 shares during the period. 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.