Enovix’s (ENVX) Buy Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of Enovix (NASDAQ:ENVX) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a $25.00 target price on the stock.

A number of other research analysts have also commented on the stock. Canaccord Genuity Group upped their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. TD Cowen boosted their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price target (down from $23.00) on shares of Enovix in a report on Monday, August 5th. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Trading Up 0.3 %

Enovix stock opened at $9.04 on Wednesday. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99. The company’s fifty day simple moving average is $10.03 and its 200-day simple moving average is $11.07.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period in the previous year, the firm posted ($0.27) earnings per share. As a group, sell-side analysts forecast that Enovix will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Blue Trust Inc. boosted its position in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC grew its stake in Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix during the second quarter valued at approximately $39,000. Beacon Capital Management LLC raised its position in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares during the period. Finally, Voisard Asset Management Group Inc. raised its holdings in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.