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

Shares of Enovix Co. (NASDAQ:ENVX) have received an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $20.30.

Several analysts have recently commented on the company. Craig Hallum decreased their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th.

Enovix Stock Up 6.1 %

Shares of ENVX stock opened at $7.65 on Monday. The stock has a market cap of $1.46 billion, a PE ratio of -5.28 and a beta of 1.93. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business’s fifty day moving average is $10.61 and its 200-day moving average is $10.09. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Equities analysts expect that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors have recently bought and sold shares of the stock. Coppell Advisory Solutions LLC bought a new position in Enovix during the fourth quarter valued at about $27,000. Fifth Third Bancorp raised its holdings in Enovix by 66.7% during 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 in the last quarter. Prospera Private Wealth LLC bought a new position in Enovix during the third quarter valued at about $27,000. Sava Infond d.o.o. bought a new position in shares of Enovix in the fourth quarter worth about $43,000. Finally, Hollencrest Capital Management increased its stake in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. 50.92% of the stock is currently owned by 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.