Enovix (NASDAQ:ENVX) Earns “Overweight” Rating from Cantor Fitzgerald

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research note issued on Thursday,Benzinga reports. They currently have a $30.00 target price on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 179.85% from the company’s current price.

Several other equities research analysts have also recently issued reports on ENVX. 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. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Trading Down 6.6 %

Shares of ENVX stock opened at $10.72 on Thursday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. 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 firm’s 50 day moving average is $11.15 and its 200 day moving average is $10.30. The stock has a market capitalization of $1.91 billion, a P/E ratio of -7.39 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last issued its earnings results 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 net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. Research analysts expect that Enovix will post -1.01 earnings per share for the current year.

Insider Activity

In other news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently modified their holdings of ENVX. Prospera Private Wealth LLC bought a new stake in shares of Enovix during the 3rd quarter valued at $27,000. Fifth Third Bancorp raised its position in shares of Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the period. Coppell Advisory Solutions LLC bought a new stake in shares of Enovix during the 4th quarter valued at $27,000. Sava Infond d.o.o. bought a new stake in shares of Enovix during the 4th quarter valued at $43,000. Finally, Hollencrest Capital Management raised its position in shares of Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. 50.92% of the stock is currently owned by institutional investors.

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.