Enovix Co. (NASDAQ:ENVX) Given Consensus Rating of “Buy” by Analysts

Enovix Co. (NASDAQ:ENVX) has earned a consensus rating of “Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $19.57.

ENVX has been the subject of several analyst reports. Craig Hallum raised their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday. JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Benchmark started coverage on shares of Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective for the company. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th.

Insider Buying and Selling at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC increased its position in shares of Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after buying an additional 910 shares during the period. Blue Trust Inc. increased its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares during the period. Voisard Asset Management Group Inc. increased its position in shares of Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after buying an additional 1,000 shares during the period. Insight Advisors LLC PA increased its position in shares of Enovix by 3.2% during the fourth quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock valued at $555,000 after buying an additional 1,370 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Enovix by 7.7% during the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after buying an additional 1,434 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Up 2.7 %

Shares of NASDAQ:ENVX opened at $11.97 on Tuesday. The firm has a fifty day moving average price of $13.90 and a two-hundred day moving average price of $10.66. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. Enovix has a one year low of $5.70 and a one year high of $19.37. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -8.93 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. The firm had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. Analysts anticipate that Enovix will post -1.14 EPS for the current fiscal year.

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.