Enovix Co. (NASDAQ:ENVX) Given Average Rating of “Moderate Buy” by Brokerages
by Amy Steele · The Cerbat GemEnovix Co. (NASDAQ:ENVX – Get Free Report) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $20.50.
ENVX has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded 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. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd.
Get Our Latest Research Report on ENVX
Enovix Price Performance
NASDAQ ENVX opened at $10.87 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business’s fifty day moving average is $9.56 and its 200 day moving average is $11.14. The company has a market capitalization of $1.93 billion, a PE ratio of -6.75 and a beta of 1.94. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.
Enovix (NASDAQ:ENVX – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The business 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 prior year, the business posted ($0.27) earnings per share. Sell-side analysts predict that Enovix will post -1.17 earnings per share for the current year.
Insider Buying and Selling
In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Enovix
A number of institutional investors and hedge funds have recently modified their holdings of ENVX. B. Riley Wealth Advisors Inc. bought a new stake in Enovix in the third quarter worth $117,000. Franklin Resources Inc. lifted its holdings in shares of Enovix by 81.4% in the 3rd quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock worth $743,000 after acquiring an additional 35,711 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Enovix by 37.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 165,703 shares of the company’s stock worth $1,563,000 after purchasing an additional 44,956 shares during the period. Virtu Financial LLC bought a new position in Enovix during the 3rd quarter valued at about $205,000. Finally, Geode Capital Management LLC raised its position in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after purchasing an additional 182,757 shares during the period. Hedge funds and other institutional investors 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.
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