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

Enovix Co. (NASDAQ:ENVX) has earned a consensus rating of “Buy” from the ten analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $21.33.

ENVX has been the subject of several analyst reports. B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective on the stock. Oppenheimer restated an “outperform” rating and set a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Finally, Craig Hallum upped their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st.

Institutional Trading of Enovix

Hedge funds have recently modified their holdings of the stock. Arizona State Retirement System raised its holdings in Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after acquiring an additional 905 shares during the period. Corient Private Wealth LLC increased its stake in shares of Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after purchasing an additional 910 shares during the period. Blue Trust Inc. boosted its stake in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the period. Voisard Asset Management Group Inc. boosted its stake in Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares during the period. Finally, Principal Financial Group Inc. increased its position in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after buying an additional 1,434 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Up 5.6 %

Shares of Enovix stock opened at $8.91 on Wednesday. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The business’s 50 day simple moving average is $10.95 and its 200 day simple moving average is $10.52. The firm has a market cap of $1.51 billion, a PE ratio of -6.65 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, analysts predict that Enovix will post -1.21 earnings per share for the current fiscal 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.