Enovix (NASDAQ:ENVX) Updates Q4 Earnings Guidance

Enovix (NASDAQ:ENVX) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of ($0.21)-($0.15) for the period, compared to the consensus earnings per share estimate of ($0.20). The company issued revenue guidance of $8-$10 million, compared to the consensus revenue estimate of $7.37 million.

Analyst Ratings Changes

A number of research firms have recently weighed in on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. Piper Sandler restated an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Benchmark began coverage on Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective 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. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $21.67.

Enovix Stock Performance

Shares of ENVX stock traded down $0.78 during trading hours on Tuesday, reaching $10.63. The company had a trading volume of 10,513,639 shares, compared to its average volume of 5,462,763. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The business has a fifty day moving average price of $10.07 and a 200-day moving average price of $11.05. Enovix has a one year low of $5.70 and a one year high of $18.68. The firm has a market cap of $1.87 billion, a PE ratio of -6.90 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. Sell-side analysts predict that Enovix will post -1.2 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was 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 of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 15.70% of the stock is owned by company insiders.

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.