Enovix Co. (NASDAQ:ENVX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Enovix Co. (NASDAQ:ENVX) have received an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $20.30.

A number of equities analysts recently commented on the stock. Craig Hallum decreased their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th.

Enovix Trading Up 6.2 %

Enovix stock opened at $8.45 on Monday. The company has a 50 day moving average price of $10.17 and a 200 day moving average price of $10.05. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -5.83 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The firm had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Research analysts forecast that Enovix will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Old West Investment Management LLC raised its holdings in shares of Enovix by 12.3% during the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Enovix by 52.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after purchasing an additional 93,303 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Enovix by 93.9% during the 3rd quarter. Natixis Advisors LLC now owns 31,028 shares of the company’s stock valued at $290,000 after purchasing an additional 15,030 shares in the last quarter. S&CO Inc. raised its holdings in shares of Enovix by 42.9% during the 3rd quarter. S&CO Inc. now owns 20,000 shares of the company’s stock valued at $186,000 after purchasing an additional 6,000 shares in the last quarter. Finally, Quest Partners LLC raised its holdings in shares of Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after purchasing an additional 6,294 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.