Enovix (NASDAQ:ENVX) Updates 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.

Enovix Price Performance

Shares of Enovix stock traded up $0.07 during trading hours on Friday, reaching $9.08. The company’s stock had a trading volume of 5,705,036 shares, compared to its average volume of 5,624,463. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. Enovix has a one year low of $5.70 and a one year high of $18.68. The firm has a 50 day moving average price of $10.06 and a 200-day moving average price of $11.05. The stock has a market cap of $1.60 billion, a P/E ratio of -5.84 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 96.23% and a negative net margin of 1,180.21%. During the same period in the prior year, the business posted ($0.27) earnings per share. On average, analysts predict that Enovix will post -1.2 EPS for the current year.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday. Craig Hallum raised their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, Canaccord Genuity Group lifted their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

About Enovix

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.