Enovix Co. (NASDAQ:ENVX) Receives $17.27 Consensus PT from Analysts

Enovix Co. (NASDAQ:ENVX) has earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $17.27.

A number of research analysts recently weighed in on ENVX shares. B. Riley decreased their target price on shares of Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Benchmark dropped their target price on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. JPMorgan Chase & Co. cut their price objective on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Finally, Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th.

Enovix Stock Up 1.7 %

Enovix stock opened at $6.59 on Tuesday. Enovix has a twelve month low of $5.27 and a twelve month 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 50 day moving average of $6.98 and a 200-day moving average of $9.16. The stock has a market capitalization of $1.27 billion, a PE ratio of -4.54 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. On average, equities research analysts anticipate that Enovix will post -1.01 EPS for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its position in shares of Enovix by 376.9% during the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after acquiring an additional 199,166 shares during the period. Virtu Financial LLC acquired a new stake in Enovix during the third quarter worth about $205,000. Franklin Resources Inc. raised its position in shares of Enovix by 81.4% in the 3rd quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after buying an additional 35,711 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Enovix during the 3rd quarter worth approximately $117,000. Finally, Lpwm LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $549,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.