Cantor Fitzgerald Reaffirms Overweight Rating for Enovix (NASDAQ:ENVX)

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research note issued on Thursday,Benzinga reports. They currently have a $30.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 173.50% from the company’s current price.

A number of other research firms have also recently commented on ENVX. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Two equities 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Down 2.0 %

ENVX stock traded down $0.22 during mid-day trading on Thursday, reaching $10.97. The company had a trading volume of 3,905,697 shares, compared to its average volume of 6,831,219. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -6.73 and a beta of 1.87. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The stock has a 50 day simple moving average of $11.06 and a two-hundred day simple moving average of $10.29. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. As a group, equities analysts predict that Enovix will post -1.16 earnings per share for the current fiscal year.

Insider Activity at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Enovix in the third quarter worth about $27,000. Fifth Third Bancorp grew its stake in 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 buying an additional 1,000 shares in the last quarter. Coppell Advisory Solutions LLC bought a new stake in Enovix during the 4th quarter valued at $27,000. Sava Infond d.o.o. purchased a new stake in shares of Enovix during the fourth quarter worth $43,000. Finally, Hollencrest Capital Management boosted its holdings in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 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.