Analysts Set Enovix Co. (NASDAQ:ENVX) PT at $20.50

Enovix Co. (NASDAQ:ENVX) has earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $20.50.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Thursday, October 31st. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $10.87 on Friday. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The stock has a market capitalization of $1.93 billion, a P/E ratio of -6.75 and a beta of 1.94. The company’s 50-day moving average is $9.56 and its 200 day moving average is $11.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the business earned ($0.27) EPS. On average, sell-side analysts expect that Enovix will post -1.17 earnings per share for the current year.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix 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 sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the 2nd quarter worth $39,000. Prospera Private Wealth LLC purchased a new position in Enovix in the third quarter worth about $27,000. Headlands Technologies LLC bought a new stake in shares of Enovix during the 2nd quarter valued at about $97,000. Voisard Asset Management Group Inc. increased its position in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Quest Partners LLC lifted its stake in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the period. 50.92% of the stock is currently owned by hedge funds and other 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.