Cantor Fitzgerald Forecasts Higher Earnings for Enovix

Enovix Co. (NASDAQ:ENVX) – Equities research analysts at Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for Enovix in a note issued to investors on Wednesday, October 30th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of ($1.17) for the year, up from their previous forecast of ($1.21). Cantor Fitzgerald has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.20) per share.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million during 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 96.23%. During the same quarter last year, the firm posted ($0.27) EPS.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective 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. Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Craig Hallum boosted their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday. Finally, Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Trading Up 0.3 %

NASDAQ:ENVX opened at $9.04 on Friday. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -5.61 and a beta of 1.98. The firm has a fifty day simple moving average of $10.03 and a two-hundred day simple moving average of $11.07.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were 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 owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently modified their holdings of the business. One Wealth Advisors LLC bought a new stake in Enovix during the third quarter worth $700,000. Vanguard Group Inc. raised 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 worth $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the last quarter. Scientech Research LLC purchased a new stake in Enovix during the second quarter worth about $834,000. Finally, Wealth Effects LLC increased its holdings in Enovix by 55.6% during the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after buying an additional 81,801 shares during the last quarter. Hedge funds and other 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.