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

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

Several other brokerages have also commented on ENVX. Canaccord Genuity Group upped their target price on Enovix from $17.00 to $20.00 and gave the company a buy rating in a research report on Thursday. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a research report on Friday, April 26th. Benchmark started coverage on Enovix in a research report on Monday, July 22nd. They set a buy rating and a $25.00 target price on the stock. William Blair restated an outperform rating on shares of Enovix in a research report on Thursday, May 2nd. Finally, B. Riley upgraded Enovix to a strong-buy rating in a research report on Tuesday, June 25th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Enovix has a consensus rating of Buy and an average price target of $19.57.

Enovix Trading Up 2.7 %

NASDAQ ENVX opened at $11.97 on Thursday. The business’s 50-day moving average price is $13.90 and its two-hundred day moving average price is $10.66. Enovix has a 12 month low of $5.70 and a 12 month high of $19.37. The firm has a market capitalization of $2.03 billion, a PE ratio of -8.93 and a beta of 2.04. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. The company had revenue of $5.27 million during the quarter, compared to the consensus estimate of $4.16 million. On average, analysts expect that Enovix will post -1.14 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 17.30% of the stock is owned by company insiders.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares during the last quarter. Able Wealth Management LLC purchased a new stake in shares of Enovix in the fourth quarter worth approximately $34,000. Quest Partners LLC purchased a new stake in shares of Enovix in the fourth quarter worth approximately $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in shares of Enovix in the fourth quarter worth approximately $50,000. 50.92% of the stock is owned by hedge funds and other 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.