Analysts Set Enovix Co. (NASDAQ:ENVX) PT at $30.00

Shares of Enovix Co. (NASDAQ:ENVX) have earned an average rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $30.00.

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, February 21st.

Enovix Price Performance

Shares of ENVX stock opened at $6.03 on Friday. Enovix has a 52-week low of $5.80 and a 52-week high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The firm has a market capitalization of $1.02 billion, a P/E ratio of -3.94 and a beta of 1.62. The stock has a 50 day moving average price of $8.53 and a 200 day moving average price of $10.19.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. As a group, sell-side analysts predict that Enovix will post -1.13 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.30% of the stock is owned by company insiders.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corient Private Wealth LLC lifted its holdings in shares of Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after buying an additional 910 shares during the period. Beacon Capital Management LLC lifted its stake in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Amalgamated Bank lifted its stake in Enovix by 5.9% during the third quarter. Amalgamated Bank now owns 20,827 shares of the company’s stock worth $261,000 after purchasing an additional 1,154 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Enovix by 10.5% during the third quarter. Victory Capital Management Inc. now owns 14,253 shares of the company’s stock worth $179,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Insight Advisors LLC PA raised its stake in shares of Enovix by 3.2% in the fourth quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock valued at $555,000 after acquiring an additional 1,370 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.