Enovix Co. (NASDAQ:ENVX) Given Average Recommendation of “Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have earned a consensus rating of “Buy” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $18.33.

A number of equities research analysts recently issued reports on the stock. B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. JPMorgan Chase & Co. dropped their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a research note on Thursday, June 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $15.28 on Friday. The firm has a 50-day simple moving average of $11.07 and a 200-day simple moving average of $10.20. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -11.40 and a beta of 2.04. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The firm had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. On average, equities analysts predict that Enovix will post -1.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. Beacon Capital Management LLC raised its holdings in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Able Wealth Management LLC acquired a new stake in Enovix in the fourth quarter valued at approximately $34,000. GAMMA Investing LLC raised its holdings in Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares in the last quarter. Quest Partners LLC acquired a new stake in Enovix in the fourth quarter valued at approximately $49,000. Finally, Voisard Asset Management Group Inc. acquired a new stake in Enovix in the fourth quarter valued at approximately $50,000. 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.