Enovix (NASDAQ:ENVX) Earns “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a $30.00 target price on the stock.

A number of other research firms have also commented on ENVX. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Enovix Price Performance

Enovix stock opened at $10.72 on Thursday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -7.39 and a beta of 1.87. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The stock’s 50 day moving average is $11.15 and its 200-day moving average is $10.30.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Equities research analysts expect that Enovix will post -1.01 EPS for the current year.

Insider Buying and Selling

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 15.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC acquired a new stake in Enovix in the third quarter valued at about $27,000. Fifth Third Bancorp boosted its stake in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new stake in shares of Enovix in the 4th quarter valued at approximately $27,000. Sava Infond d.o.o. bought a new stake in shares of Enovix during the 4th quarter valued at approximately $43,000. Finally, Hollencrest Capital Management increased its position in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds 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.