Zacks: Brokerages Expect Enovix Co. (NASDAQ:ENVX) to Announce -$0.15 Earnings Per Share

Analysts expect Enovix Co. (NASDAQ:ENVXGet Rating) to post ($0.15) earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Enovix’s earnings, with estimates ranging from ($0.18) to ($0.12). The company is scheduled to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Enovix will report full year earnings of ($0.67) per share for the current fiscal year, with EPS estimates ranging from ($0.76) to ($0.54). For the next fiscal year, analysts anticipate that the firm will report earnings of ($0.64) per share, with EPS estimates ranging from ($0.74) to ($0.53). Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Enovix.

Enovix (NASDAQ:ENVXGet Rating) last issued its quarterly earnings data on Thursday, March 3rd. The company reported ($0.60) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.44).

Several research firms have recently weighed in on ENVX. Craig Hallum dropped their target price on shares of Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, March 4th. Zacks Investment Research raised shares of Enovix from a “sell” rating to a “hold” rating in a research report on Tuesday, January 11th. Cowen initiated coverage on shares of Enovix in a research report on Tuesday, January 4th. They set an “outperform” rating and a $32.00 price objective on the stock. Finally, Piper Sandler decreased their target price on shares of Enovix from $39.00 to $35.00 in a research report on Tuesday, January 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $33.00.

ENVX stock opened at $9.96 on Tuesday. The firm’s 50-day moving average is $13.89 and its two-hundred day moving average is $20.73. Enovix has a 52 week low of $9.91 and a 52 week high of $39.48.

In related news, Director J Daniel Mccranie bought 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The stock was purchased at an average cost of $14.57 per share, for a total transaction of $291,400.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Harrold J. Rust bought 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The shares were bought at an average price of $14.50 per share, with a total value of $50,750.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently made changes to their positions in ENVX. Frontier Capital Management Co. LLC bought a new stake in Enovix in the 1st quarter valued at $6,680,000. Essex Investment Management Co. LLC bought a new stake in Enovix in the 3rd quarter valued at $1,835,000. Trellus Management Company LLC bought a new stake in Enovix in the 1st quarter valued at $404,000. Moody Lynn & Lieberson LLC bought a new stake in Enovix in the 4th quarter valued at $770,000. Finally, CAPROCK Group Inc. bought a new stake in Enovix in the 1st quarter valued at $305,000. 56.18% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix (Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was incorporated in 2006 and is headquartered in Fremont, California.

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