Enovix (NASDAQ:ENVX) Posts Earnings Results, Beats Estimates By $0.03 EPS

Enovix (NASDAQ:ENVX) announced its quarterly earnings results on Tuesday. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03, Briefing.com reports. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter last year, the company earned ($0.27) earnings per share. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Stock Down 6.8 %

Enovix stock traded down $0.78 during midday trading on Tuesday, reaching $10.63. The stock had a trading volume of 10,947,002 shares, compared to its average volume of 5,462,763. The stock has a market capitalization of $1.87 billion, a P/E ratio of -6.64 and a beta of 1.98. The firm’s fifty day simple moving average is $10.08 and its 200-day simple moving average is $11.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68.

Analyst Upgrades and Downgrades

ENVX has been the subject of several analyst reports. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, August 1st. Finally, TD Cowen raised their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.67.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 15.70% of the company’s stock.

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.