Brokerages Set Enovix Co. (NASDAQ:ENVX) PT at $30.00

Shares of Enovix Co. (NASDAQ:ENVX) have been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $30.00.

Several brokerages have weighed in on ENVX. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday.

Enovix Price Performance

Shares of ENVX opened at $5.84 on Friday. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The business’s fifty day moving average is $8.30 and its 200 day moving average is $10.13. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The stock has a market cap of $984.04 million, a P/E ratio of -3.82 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Sell-side analysts anticipate that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 17.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Beacon Capital Management LLC boosted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Enovix during the 3rd quarter valued at about $31,000. Carmel Capital Partners LLC bought a new stake in shares of Enovix during the 3rd quarter valued at about $34,000. Able Wealth Management LLC bought a new stake in shares of Enovix during the 4th quarter valued at about $34,000. Finally, Quest Partners LLC bought a new stake in shares of Enovix during the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.