Enovix’s (ENVX) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Enovix (NASDAQ:ENVX) in a report published on Thursday, Benzinga reports. They currently have a $30.00 price objective on the stock.

ENVX has been the subject of several other reports. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a report on Friday, April 26th. Craig Hallum reduced their target price on Enovix from $20.00 to $15.00 and set a buy rating for the company in a report on Thursday, May 2nd. Benchmark started coverage on Enovix in a report on Monday, July 22nd. They issued a buy rating and a $25.00 target price for the company. William Blair restated an outperform rating on shares of Enovix in a report on Thursday, May 2nd. Finally, B. Riley upgraded Enovix to a strong-buy rating in a report on Tuesday, June 25th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $19.57.

Enovix Stock Up 2.7 %

Shares of Enovix stock opened at $11.97 on Thursday. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -8.93 and a beta of 2.04. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. Enovix has a 52-week low of $5.70 and a 52-week high of $19.37. The stock has a 50-day simple moving average of $13.90 and a 200-day simple moving average of $10.66.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 84.28% and a negative net margin of 1,434.34%. The company had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. On average, equities research analysts expect that Enovix will post -1.14 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its position in Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares during the period. Electron Capital Partners LLC grew its position in Enovix by 20.0% in the fourth 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 period. Vanguard Group Inc. grew its position in Enovix by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock valued at $161,871,000 after acquiring an additional 513,508 shares during the period. Masters Capital Management LLC grew its position in Enovix by 18.2% in the fourth 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 during the period. Finally, PBMares Wealth Management LLC grew its position in Enovix by 382.2% in the first quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock valued at $1,738,000 after acquiring an additional 172,000 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.