Enovix (NASDAQ:ENVX) Issues Q4 2024 Earnings Guidance

Enovix (NASDAQ:ENVX) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of -0.210–0.150 for the period, compared to the consensus estimate of -0.200. The company issued revenue guidance of $8.0 million-$10.0 million, compared to the consensus revenue estimate of $7.4 million. Enovix also updated its Q4 guidance to ($0.21)-($0.15) EPS.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Benchmark assumed coverage on shares of Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Craig Hallum upped their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $21.67.

Enovix Stock Performance

ENVX stock traded down $0.78 during trading on Tuesday, hitting $10.63. 10,947,002 shares of the company’s stock traded hands, compared to its average volume of 5,462,763. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $10.08 and a two-hundred day moving average price of $11.07. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -6.64 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same period last year, the company posted ($0.27) EPS. As a group, equities analysts anticipate that Enovix will post -1.2 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.70% 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.