Cantor Fitzgerald Weighs in on Enovix Co.’s FY2024 Earnings (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) – Analysts at Cantor Fitzgerald cut their FY2024 EPS estimates for shares of Enovix in a research report issued on Thursday, April 25th. Cantor Fitzgerald analyst D. Soderberg now expects that the company will post earnings of ($1.19) per share for the year, down from their prior forecast of ($1.18). Cantor Fitzgerald currently has a “Overweight” rating and a $30.00 target price on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.13) per share.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%.

A number of other brokerages have also recently commented on ENVX. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Enovix Stock Performance

Shares of Enovix stock opened at $6.46 on Monday. The firm’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $10.09. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -4.22 and a beta of 1.62. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently made changes to their positions in ENVX. Allspring Global Investments Holdings LLC purchased a new stake in shares of Enovix during the 3rd quarter worth $31,000. Beacon Capital Management LLC boosted its position in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC purchased a new stake in shares of Enovix during the 3rd quarter worth $34,000. Able Wealth Management LLC purchased a new stake in shares of Enovix in the 4th quarter worth about $34,000. Finally, Quest Partners LLC purchased a new stake in shares of Enovix in the 4th quarter worth about $49,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.