Enovix Co. (NASDAQ:ENVX) Receives $30.00 Average Price Target from Brokerages

Enovix Co. (NASDAQ:ENVX) has received a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $27.43.

ENVX has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares in the last quarter. Electron Capital Partners LLC lifted its stake in shares of Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after acquiring an additional 540,399 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Enovix by 0.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after acquiring an additional 9,800 shares during the last quarter. Masters Capital Management LLC boosted its holdings in shares of Enovix by 18.2% during the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after acquiring an additional 200,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Enovix by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after acquiring an additional 55,157 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

Enovix stock opened at $6.46 on Friday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -4.22 and a beta of 1.62. The stock’s 50 day moving average is $8.18 and its 200-day moving average is $10.10. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. Equities research analysts expect that Enovix will post -1.13 EPS for the current year.

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.