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

Enovix Co. (NASDAQ:ENVX) has been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are covering the firm, Marketbeat.com 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 subject of a number of recent research reports. JPMorgan Chase & Co. reduced their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st.

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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 currently owned by insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in Enovix by 13.7% during the second quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after acquiring an additional 69,098 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after purchasing an additional 1,434 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Enovix in the 2nd quarter valued at $766,000. Concurrent Investment Advisors LLC purchased a new stake in Enovix during the second quarter worth $496,000. Finally, Commonwealth Equity Services LLC grew its position in Enovix by 45.2% during the second quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock valued at $1,073,000 after buying an additional 21,620 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Up 11.4 %

Shares of Enovix stock opened at $12.11 on Friday. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of -7.52 and a beta of 1.94. The firm’s 50-day moving average is $9.58 and its two-hundred day moving average is $11.14.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (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 for the quarter, compared to analyst estimates of $4.11 million. During the same period last year, the company posted ($0.27) earnings per share. As a group, research analysts expect that Enovix will post -1.17 earnings per share for the current fiscal year.

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.