Enovix (NASDAQ:ENVX) Issues Q4 Earnings Guidance

Enovix (NASDAQ:ENVX) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of ($0.21)-($0.15) for the period, compared to the consensus estimate of ($0.20). The company issued revenue guidance of $8-$10 million, compared to the consensus revenue estimate of $7.37 million.

Enovix Stock Performance

Enovix stock traded down $0.78 during midday trading on Tuesday, hitting $10.63. The stock had a trading volume of 10,513,639 shares, compared to its average volume of 5,462,763. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a market capitalization of $1.87 billion, a PE ratio of -6.90 and a beta of 1.98. The firm’s fifty day moving average is $10.07 and its two-hundred day moving average is $11.05. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. On average, research analysts forecast that Enovix will post -1.2 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on ENVX shares. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. TD Cowen raised their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Finally, Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.67.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.70% of the stock is currently owned by insiders.

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.