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

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus recommendation of “Moderate Buy” from the eleven analysts that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $20.30.

ENVX has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Craig Hallum lowered their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is owned by company insiders.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fluent Financial LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $737,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Enovix during the 4th quarter worth approximately $2,101,000. B. Riley Wealth Advisors Inc. raised its position in shares of Enovix by 104.6% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 23,575 shares of the company’s stock worth $256,000 after purchasing an additional 12,050 shares during the period. Integrated Advisors Network LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $148,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $149,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Stock Up 6.1 %

Shares of NASDAQ ENVX opened at $7.65 on Monday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market cap of $1.46 billion, a P/E ratio of -5.28 and a beta of 1.93. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average price of $10.61 and a 200 day moving average price of $10.09.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Research analysts anticipate that Enovix will post -1.01 EPS for the current fiscal year.

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.