Enovix (ENVX) Set to Announce Earnings on Wednesday

Enovix (NASDAQ:ENVX) will post its quarterly earnings results after the market closes on Wednesday, May 1st. Analysts expect Enovix to post earnings of ($0.34) per share for the quarter. Enovix has set its Q1 guidance at $(0.35)-$(0.29) EPS and its Q1 2024 guidance at -0.350–0.290 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.37 million. On average, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Trading Up 0.8 %

ENVX opened at $6.03 on Wednesday. The business has a fifty day moving average of $8.53 and a 200 day moving average of $10.19. Enovix has a 52-week low of $5.80 and a 52-week 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.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and an average price target of $30.00.

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.