Enovix (NASDAQ:ENVX) Earns Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Enovix (NASDAQ:ENVX) in a research report sent to investors on Thursday, Benzinga reports. Canaccord Genuity Group currently has a $17.00 target price on the stock.

Several other research firms have also recently commented on ENVX. JPMorgan Chase & Co. lowered their price target on shares of Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a report on Friday, April 26th. Craig Hallum cut their price target on Enovix from $20.00 to $15.00 and set a buy rating for the company in a research note on Thursday, May 2nd. B. Riley upgraded Enovix to a strong-buy rating in a report on Tuesday, June 25th. Cantor Fitzgerald restated an overweight rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. Finally, William Blair reiterated an outperform rating on shares of Enovix in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Enovix has a consensus rating of Buy and a consensus price target of $18.33.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $15.46 on Thursday. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The business’s fifty day moving average price is $10.35 and its two-hundred day moving average price is $10.12. The firm has a market capitalization of $2.63 billion, a PE ratio of -11.54 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The business had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. On average, research analysts expect that Enovix will post -1.15 EPS for the current year.

Insider Activity at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Reichow sold 7,500 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. Insiders own 17.30% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of large investors have recently bought and sold shares of the company. Beacon Capital Management LLC boosted its holdings in shares of Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the last quarter. Able Wealth Management LLC bought a new position in shares of Enovix in the 4th quarter valued at about $34,000. Quest Partners LLC acquired a new position in shares of Enovix during the 4th quarter worth about $49,000. Voisard Asset Management Group Inc. bought a new stake in shares of Enovix in the 4th quarter valued at about $50,000. Finally, Game Plan Financial Advisors LLC lifted its stake in Enovix by 65.2% in the 1st quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock valued at $81,000 after purchasing an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 50.92% 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.