Enovix (ENVX) to Release Quarterly Earnings on Tuesday

by · The Markets Daily

Enovix (NASDAQ:ENVX – Get Free Report) is set to announce its earnings results after the market closes on Tuesday, October 29th. Analysts expect the company to announce earnings of ($0.20) per share for the quarter. Enovix has set its Q3 guidance at $(0.23)-(0.17) EPS and its Q3 2024 guidance at -0.360–0.300 EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

Enovix (NASDAQ:ENVX – Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to analyst estimates 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, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Stock Performance

Shares of Enovix stock opened at $10.41 on Monday. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a market cap of $1.77 billion, a PE ratio of -7.77 and a beta of 1.98. The business has a 50 day moving average price of $10.05 and a 200-day moving average price of $11.02. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ENVX. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. TD Cowen increased their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. 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 report on Tuesday, October 22nd. Finally, Canaccord Genuity Group increased their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $21.67.

View Our Latest Report on ENVX

Enovix Company Profile

(Get Free Report)

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.

Further Reading