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

Shares of Enovix Co. (NASDAQ:ENVX) have received a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $20.30.

A number of research firms have recently weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Craig Hallum reduced their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th.

Insiders Place Their Bets

In related 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 value of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its stake in shares of Enovix by 2.8% during the fourth quarter. California State Teachers Retirement System now owns 141,206 shares of the company’s stock valued at $1,535,000 after purchasing an additional 3,870 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Enovix by 6.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company’s stock valued at $233,000 after buying an additional 1,336 shares during the period. Fluent Financial LLC purchased a new position in Enovix during the fourth quarter valued at approximately $737,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Enovix in the 4th quarter valued at $2,101,000. Finally, B. Riley Wealth Advisors Inc. increased its holdings in shares of Enovix by 104.6% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 23,575 shares of the company’s stock valued at $256,000 after acquiring an additional 12,050 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Enovix Stock Performance

NASDAQ:ENVX opened at $8.13 on Monday. 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 has a 1 year low of $5.70 and a 1 year high of $18.68. The stock’s 50 day simple moving average is $10.32 and its two-hundred day simple moving average is $10.05. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -5.61 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last announced 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. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. As a group, equities analysts anticipate that Enovix will post -1.01 earnings per share for the current fiscal year.

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.