Enovix Co. (NASDAQ:ENVX) to Post FY2023 Earnings of ($1.25) Per Share, Cantor Fitzgerald Forecasts

Enovix Co. (NASDAQ:ENVX) – Equities research analysts at Cantor Fitzgerald upped their FY2023 earnings per share (EPS) estimates for Enovix in a note issued to investors on Wednesday, November 8th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of ($1.25) for the year, up from their previous forecast of ($1.31). Cantor Fitzgerald has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.32) per share. Cantor Fitzgerald also issued estimates for Enovix’s FY2024 earnings at ($1.31) EPS.

ENVX has been the topic of several other reports. B. Riley cut their target price on shares of Enovix from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday. Craig Hallum upped their price target on Enovix from $15.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, TD Cowen cut Enovix from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $19.00 to $20.00 in a research note on Friday, July 21st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.11.

Enovix Price Performance

Enovix stock opened at $10.44 on Friday. The stock’s 50 day moving average price is $11.49 and its two-hundred day moving average price is $14.03. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.25 and a beta of 1.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 11.05 and a current ratio of 11.07. Enovix has a 52-week low of $6.50 and a 52-week high of $23.90.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ENVX. Credit Suisse AG increased its stake in Enovix by 1.1% in the 2nd quarter. Credit Suisse AG now owns 55,808 shares of the company’s stock valued at $498,000 after buying an additional 603 shares during the last quarter. WESPAC Advisors LLC increased its position in shares of Enovix by 5.1% during the 2nd quarter. WESPAC Advisors LLC now owns 15,705 shares of the company’s stock valued at $283,000 after purchasing an additional 758 shares during the last quarter. Redwood Wealth Management Group LLC raised its stake in shares of Enovix by 9.8% during the 2nd quarter. Redwood Wealth Management Group LLC now owns 11,200 shares of the company’s stock worth $202,000 after purchasing an additional 1,000 shares during the period. Stone House Investment Management LLC boosted its holdings in shares of Enovix by 18.8% in the 2nd quarter. Stone House Investment Management LLC now owns 6,310 shares of the company’s stock worth $114,000 after buying an additional 1,000 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Enovix by 8.9% in the first quarter. Victory Capital Management Inc. now owns 13,203 shares of the company’s stock worth $197,000 after acquiring an additional 1,075 shares during the period. Institutional investors own 49.68% of the company’s stock.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.