Enovix Co. (NASDAQ:ENVX) Receives $21.33 Consensus Price Target from Analysts

Enovix Co. (NASDAQ:ENVX) has received a consensus recommendation of “Buy” from the ten brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $21.33.

Several equities research analysts have recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. TD Cowen upped their target price on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Craig Hallum upped their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a report on Monday, August 5th.

Enovix Stock Performance

Shares of NASDAQ:ENVX opened at $8.45 on Wednesday. The company has a market cap of $1.44 billion, a P/E ratio of -6.31 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a one year low of $5.70 and a one year high of $18.68. The business’s 50-day simple moving average is $11.53 and its 200 day simple moving average is $10.52.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, sell-side analysts forecast that Enovix will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. lifted its holdings in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC raised its stake in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares in the last quarter. Finally, Masters Capital Management LLC raised its stake in Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 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.