Enovix Co. (NASDAQ:ENVX) Receives $20.50 Consensus Target Price from Brokerages

Enovix Co. (NASDAQ:ENVX) has been given an average rating of “Moderate Buy” by the eleven ratings firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $20.50.

Several equities research analysts have issued reports on ENVX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. 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 research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd.

Enovix Price Performance

ENVX stock opened at $11.28 on Friday. The firm has a 50 day moving average of $9.57 and a 200-day moving average of $11.17. 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 cap of $2.01 billion, a price-to-earnings ratio of -7.01 and a beta of 1.94. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the prior year, the firm earned ($0.27) earnings per share. As a group, equities analysts expect that Enovix will post -1.17 EPS for the current fiscal year.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of the company’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 completion of the transaction, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Several hedge funds have recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new position in shares of Enovix during the 2nd quarter valued at $39,000. Prospera Private Wealth LLC acquired a new position in shares of Enovix in the 3rd quarter valued at about $27,000. Headlands Technologies LLC acquired a new position in Enovix in the 2nd quarter valued at approximately $97,000. Voisard Asset Management Group Inc. raised its holdings in shares of Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Quest Partners LLC raised its stake in shares of Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 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.