Enovix Co. (NASDAQ:ENVX – Get Free Report) has been given an average recommendation of “Moderate Buy” by the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $20.30.
Several analysts recently commented on ENVX shares. Craig Hallum dropped their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th.
Check Out Our Latest Stock Analysis on ENVX
Enovix Stock Performance
Enovix (NASDAQ:ENVX – Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. On average, equities analysts expect that Enovix will post -1.01 EPS for the current year.
Insider Activity
In related news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.70% of the company’s stock.
Institutional Investors Weigh In On Enovix
Several institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Fifth Third Bancorp raised its position in shares of Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after buying an additional 1,000 shares during the last quarter. Hodges Capital Management Inc. grew its stake in Enovix by 1.8% during the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock valued at $625,000 after acquiring an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in Enovix by 6.2% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after acquiring an additional 1,214 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Enovix by 6.8% in the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock worth $214,000 after purchasing an additional 1,257 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after purchasing an additional 1,367 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.
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.
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