Enovix (NASDAQ:ENVX) Updates Q4 2024 Earnings Guidance

Enovix (NASDAQ:ENVX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of -0.210–0.150 for the period, compared to the consensus earnings per share 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 Stock Performance

NASDAQ:ENVX traded down $0.15 during mid-day trading on Wednesday, hitting $10.48. The company’s stock had a trading volume of 14,492,454 shares, compared to its average volume of 5,508,364. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -6.51 and a beta of 1.98. The business’s fifty day moving average is $10.08 and its two-hundred day moving average is $11.07.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period in the prior year, the company posted ($0.27) EPS. Analysts anticipate that Enovix will post -1.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ENVX. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday. Canaccord Genuity Group raised their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix has an average rating of “Buy” and a consensus price target of $21.67.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction 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 transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is owned by company insiders.

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.