Enovix Co. (NASDAQ:ENVX) Receives $20.50 Average PT from Analysts

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $20.30.

ENVX has been the topic of several research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Craig Hallum cut their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st.

Insider Activity

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently modified their holdings of ENVX. Vanguard Group Inc. lifted its holdings in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 0.5% in the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after buying an additional 29,109 shares during the last quarter. Geode Capital Management LLC grew its position in Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Enovix by 1.5% during the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after buying an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in shares of Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. 50.92% of the stock is owned by institutional investors.

Enovix Stock Up 2.0 %

Shares of Enovix stock opened at $9.63 on Thursday. The company has a 50-day simple moving average of $11.22 and a two-hundred day simple moving average of $10.26. 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 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a market capitalization of $1.71 billion, a PE ratio of -6.64 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. On average, analysts anticipate that Enovix will post -1.01 EPS 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.