Enovix’s (ENVX) “Buy” Rating Reaffirmed at Benchmark

Benchmark reaffirmed their buy rating on shares of Enovix (NASDAQ:ENVX) in a report issued on Wednesday, Benzinga reports. They currently have a $25.00 price target on the stock.

Several other research analysts have also recently weighed in on ENVX. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. TD Cowen boosted their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Canaccord Genuity Group increased their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. 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 stock. According to data from MarketBeat.com, Enovix presently has a consensus rating of “Buy” and an average target price of $21.67.

Enovix Stock Performance

ENVX stock opened at $10.48 on Wednesday. The company has a market capitalization of $1.85 billion, a P/E ratio of -6.51 and a beta of 1.98. 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 company has a 50-day simple moving average of $10.08 and a 200 day simple moving average of $11.07. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. During the same period last year, the firm posted ($0.27) earnings per share. Sell-side analysts predict that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction 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 transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC raised its holdings in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Old West Investment Management LLC boosted its position in Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares during 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.