Enovix (NASDAQ:ENVX) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research note published on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $30.00 price objective on the stock.

A number of other brokerages have also weighed in on ENVX. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $12.00 and set an overweight rating for the company in a report on Friday, April 26th. William Blair restated an outperform rating on shares of Enovix in a research report on Thursday, May 2nd. B. Riley raised shares of Enovix to a strong-buy rating in a research report on Tuesday, June 25th. Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the company a buy rating in a report on Thursday. Finally, Benchmark began coverage on Enovix in a research note on Monday, July 22nd. They set a buy rating and a $25.00 price target for the company. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix presently has a consensus rating of Buy and a consensus target price of $19.57.

Enovix Stock Up 2.2 %

Enovix stock traded up $0.26 on Thursday, hitting $11.91. 5,792,982 shares of the stock traded hands, compared to its average volume of 5,431,092. The business’s fifty day simple moving average is $13.88 and its 200 day simple moving average is $10.65. The firm has a market cap of $2.02 billion, a P/E ratio of -8.37 and a beta of 2.04. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. Enovix has a 1 year low of $5.70 and a 1 year high of $19.37.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The business had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. As a group, sell-side analysts forecast that Enovix will post -1.14 earnings per share for the current year.

Insider Transactions at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its position in shares of Enovix by 13.7% during the second quarter. Rhumbline Advisers now owns 221,966 shares of the company’s stock valued at $3,432,000 after purchasing an additional 26,724 shares in the last quarter. Natixis Advisors LLC purchased a new stake in shares of Enovix during the 2nd quarter worth approximately $247,000. Cutter & CO Brokerage Inc. boosted its position in shares of Enovix by 6.5% during the 2nd quarter. Cutter & CO Brokerage Inc. now owns 44,268 shares of the company’s stock valued at $684,000 after acquiring an additional 2,695 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Enovix by 45.2% in the second quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock valued at $1,073,000 after purchasing an additional 21,620 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new stake in Enovix in the second quarter worth $496,000. 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.