Enovix Co. (NASDAQ:ENVX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Enovix Co. (NASDAQ:ENVX) have been given a consensus rating of “Moderate Buy” by the eleven research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $20.50.

Several equities analysts have commented on the stock. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th.

Enovix Trading Up 13.3 %

Shares of Enovix stock opened at $11.42 on Friday. The stock has a fifty day simple moving average of $9.57 and a 200 day simple moving average of $11.18. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market capitalization of $2.03 billion, a P/E ratio of -7.09 and a beta of 1.94. 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 (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the company posted ($0.27) earnings per share. On average, sell-side analysts anticipate that Enovix will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

Several large investors have recently added to or reduced their stakes in the business. Driehaus Capital Management LLC increased 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. Fred Alger Management LLC raised its position in Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after purchasing an additional 565,698 shares in the last quarter. Old West Investment Management LLC lifted its stake in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after purchasing an additional 269,371 shares during the last quarter. Sora Investors LLC boosted its holdings in shares of Enovix by 75.0% in the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock worth $4,904,000 after purchasing an additional 225,000 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Enovix by 376.9% during the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after purchasing an additional 199,166 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

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.