Enovix (ENVX) – Research Analysts’ Recent Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Enovix (NASDAQ: ENVX) in the last few weeks:

• 10/31/2024 – Enovix was downgraded by analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating. They now have a $10.00 price target on the stock.
• 10/30/2024 – Enovix had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $30.00 price target on the stock.
• 10/30/2024 – Enovix had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $25.00 price target on the stock.
• 10/22/2024 – Enovix had its price target lowered by analysts at JPMorgan Chase & Co. from $18.00 to $15.00. They now have an “overweight” rating on the stock.

Enovix Stock Performance

Shares of Enovix stock traded up $0.61 on Monday, reaching $9.99. 6,934,753 shares of the company were exchanged, compared to its average volume of 5,659,205. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -6.20 and a beta of 1.99. The company’s 50-day moving average is $9.93 and its two-hundred day moving average is $11.23. Enovix Co. has a 1-year low of $5.70 and a 1-year 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.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted ($0.27) EPS. As a group, research analysts expect that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC bought a new position in shares of Enovix during the third quarter worth $394,000. Prospera Private Wealth LLC bought a new position in shares of Enovix in the 3rd quarter valued at about $27,000. Quest Partners LLC raised its holdings in Enovix by 318.5% during the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after acquiring an additional 6,294 shares in the last quarter. S&CO Inc. grew its stake in Enovix by 42.9% in the third 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, LJI Wealth Management LLC boosted its holdings in shares of Enovix by 2.1% in the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company’s stock valued at $690,000 after buying an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

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.