Enovix Co. (NASDAQ:ENVX - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven research firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $20.50.
Several equities research analysts recently commented on ENVX shares. Benchmark reaffirmed a "buy" rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott cut 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.
Get Our Latest Report on ENVX
NASDAQ:ENVX opened at $12.11 on Tuesday. 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 firm has a market cap of $2.16 billion, a P/E ratio of -7.52 and a beta of 1.86. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The firm has a 50-day simple moving average of $10.23 and a two-hundred day simple moving average of $10.89.
Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data 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. 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 analyst estimates of $4.11 million. During the same period in the previous year, the business earned ($0.27) EPS. Analysts predict that Enovix will post -1.17 earnings per share for the current fiscal year.
In other news, Director Betsy S. Atkins sold 75,000 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company's stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 15.70% of the company's stock.
A number of hedge funds have recently modified their holdings of ENVX. Driehaus Capital Management LLC increased its holdings in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Enovix by 5.4% in the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company's stock worth $33,477,000 after buying an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company's stock valued at $11,479,000 after buying an additional 73,320 shares during the last quarter. Stifel Financial Corp grew its holdings in Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company's stock valued at $8,875,000 after buying an additional 55,094 shares in the last quarter. Finally, Old West Investment Management LLC increased its stake in Enovix by 12.3% in the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company's stock worth $8,759,000 after acquiring an additional 102,452 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.
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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