Analysts Set Enovix Co. (NASDAQ:ENVX) Price Target at $20.50

Shares of Enovix Co. (NASDAQ:ENVX) have received an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, MarketBeat reports. 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 on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $20.50.

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

Enovix Trading Up 5.9 %

Shares of Enovix stock opened at $12.11 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The firm has a market cap of $2.16 billion, a PE ratio of -7.52 and a beta of 1.86. The company has a 50 day simple moving average of $10.23 and a two-hundred day simple moving average of $10.89.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (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 analyst estimates of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period in the previous year, the business earned ($0.27) earnings per share. Analysts expect that Enovix will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC bought a new position in shares of Enovix in the 3rd quarter worth approximately $27,000. Fifth Third Bancorp raised its holdings in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after purchasing an additional 1,000 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Enovix during the second quarter valued at $39,000. R Squared Ltd purchased a new position in Enovix during the fourth quarter valued at $64,000. Finally, Voisard Asset Management Group Inc. grew its position in shares of Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares during the period. Hedge funds and other 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.