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

Enovix Co. (NASDAQ:ENVX) has received a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $19.30.

A number of equities analysts recently issued reports on ENVX shares. Craig Hallum decreased their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Finally, Benchmark cut their target price on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 15.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the period. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix in the 4th quarter valued at about $27,000. Sava Infond d.o.o. purchased a new stake in shares of Enovix in the fourth quarter worth approximately $43,000. Parallel Advisors LLC grew its position in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after purchasing an additional 3,849 shares in the last quarter. Finally, Hollencrest Capital Management increased its stake in Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Stock Performance

Shares of NASDAQ:ENVX opened at $6.01 on Friday. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.15 billion, a PE ratio of -4.14 and a beta of 1.98. The company’s 50-day moving average price is $8.43 and its 200 day moving average price is $9.78.

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

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.