Enovix Co. (NASDAQ:ENVX) Given Consensus Rating of “Moderate Buy” by Analysts

Enovix Co. (NASDAQ:ENVX) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $20.30.

A number of equities research analysts have recently weighed in on ENVX shares. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Finally, Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th.

Insider Buying and Selling at Enovix

In other Enovix news, 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 completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This 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. 15.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in ENVX. Private Advisor Group LLC increased its holdings in Enovix by 23.6% in the third quarter. Private Advisor Group LLC now owns 99,900 shares of the company’s stock worth $933,000 after buying an additional 19,056 shares during the last quarter. Legacy Capital Group California Inc. grew its holdings in Enovix by 47.3% during the third quarter. Legacy Capital Group California Inc. now owns 28,022 shares of the company’s stock valued at $262,000 after purchasing an additional 8,998 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Enovix by 34.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 20,077 shares of the company’s stock valued at $188,000 after purchasing an additional 5,162 shares during the last quarter. Voisard Asset Management Group Inc. grew its holdings in Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Gladstone Institutional Advisory LLC grew its holdings in Enovix by 1.9% during the third quarter. Gladstone Institutional Advisory LLC now owns 189,115 shares of the company’s stock valued at $1,766,000 after purchasing an additional 3,525 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 8.4 %

Shares of NASDAQ ENVX opened at $9.82 on Thursday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The stock has a market cap of $1.75 billion, a PE ratio of -6.77 and a beta of 1.87. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average of $11.17 and a 200 day moving average of $10.28.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. As a group, sell-side analysts predict that Enovix will post -1.01 EPS for the current fiscal year.

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.