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

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $20.50.

Several equities research analysts recently weighed in on the stock. Benchmark reaffirmed 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 price target for the company. in a research note on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $11.14 on Tuesday. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a market cap of $1.98 billion, a PE ratio of -6.92 and a beta of 1.86. The stock has a 50 day simple moving average of $10.36 and a 200-day simple moving average of $10.72. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

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

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of hedge funds have recently bought and sold shares of the company. Prospera Private Wealth LLC purchased a new position in shares of Enovix in the third quarter worth approximately $27,000. Fifth Third Bancorp boosted its stake in Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after purchasing an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in Enovix during the 2nd quarter worth approximately $39,000. R Squared Ltd acquired a new stake in Enovix during the 4th quarter valued at $64,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in shares of Enovix by 40.0% in the third 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 in the last quarter. 50.92% of the stock is 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.