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

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

A number of other analysts have also commented on ENVX. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Price Performance

NASDAQ ENVX opened at $10.72 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The business has a 50 day simple moving average of $11.15 and a 200 day simple moving average of $10.30. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of -7.39 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Analysts anticipate that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Activity

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 15.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the period. Hodges Capital Management Inc. raised its stake in Enovix by 1.8% in the fourth quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock valued at $625,000 after buying an additional 1,000 shares during the period. Wealthcare Advisory Partners LLC lifted its position in shares of Enovix by 6.2% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after buying an additional 1,214 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Enovix by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock worth $214,000 after acquiring an additional 1,257 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after acquiring an additional 1,367 shares during the last quarter. Institutional investors 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.