Enovix Co. (NASDAQ:ENVX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $30.00.

A number of equities research analysts have recently commented on ENVX shares. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Wednesday, February 21st.

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 sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 17.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Enovix by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares in the last quarter. BlackRock Inc. lifted its stake in Enovix by 24.7% in the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock worth $155,788,000 after purchasing an additional 1,713,057 shares in the last quarter. Electron Capital Partners LLC lifted its stake in Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares in the last quarter. State Street Corp lifted its stake in Enovix by 22.0% in the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company’s stock worth $47,319,000 after purchasing an additional 473,011 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Enovix by 0.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock worth $32,914,000 after purchasing an additional 9,800 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Price Performance

NASDAQ:ENVX opened at $6.26 on Friday. Enovix has a one year low of $5.86 and a one year high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -4.09 and a beta of 1.62. The firm’s fifty day moving average is $8.75 and its two-hundred day moving average is $10.25.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS 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 business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Research analysts expect that Enovix will post -1.13 EPS for the current year.

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.