Enovix Co. (NASDAQ:ENVX) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Enovix Co. (NASDAQ:ENVX) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $18.33.

ENVX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Craig Hallum reduced their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. William Blair reissued an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. Finally, B. Riley reduced their price objective on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Enovix in the third quarter valued at $31,000. Beacon Capital Management LLC raised 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 acquiring an additional 1,000 shares in the last quarter. Able Wealth Management LLC acquired a new position in Enovix during the fourth quarter worth $34,000. Quest Partners LLC acquired a new position in Enovix during the fourth quarter worth $49,000. Finally, Voisard Asset Management Group Inc. acquired a new position in Enovix during the fourth quarter worth $50,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Stock Up 2.1 %

Shares of Enovix stock opened at $10.58 on Thursday. The stock has a market capitalization of $1.80 billion, a P/E ratio of -7.90 and a beta of 1.70. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The stock has a 50 day moving average price of $7.92 and a two-hundred day moving average price of $9.99. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. Equities analysts expect that Enovix will post -1.15 earnings per share for the current year.

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.